First Home Grant Increase
The Federal Government has recently doubled the First Home Owner Grant to $14,000 for first home owners purchasing existing properties and tripled it to $21,000 for first home owners buying new housing. All contracts entered into by June 30 next year will be eligible for the new assistance.
As a basic rule, you are eligible if:
- you are an Australian citizen or permanent resident.
- you are buying or building your first home in Australia, with the intention of occupying it as your principal place of residence within 12 months of the settlement.
It is important to note that if you are buying the property in conjunction with others, they must also meet the same criteria for the grant to be applicable.
The doubling of the First Home Owners Grant for all first homebuyers and a tripling for those who purchase a newly-built dwelling, along with the recent significant decreases in interest rates, should provide a much needed boost to the Australian housing market.
To find out if you qualify for the increased First Home Grant, book an appointment with your local mortgage broker.