About the First Home Owner Grant
The First Home Owner Grant scheme was introduced on 1st July 2000 to offset the effect of the GST on home ownership. It is a national scheme funded by the states and territories and administered under their own legislation.
Under the scheme, a one-off grant of up to $7 000 is payable to first home buyers who satisfy all the eligibility criteria.
As a basic rule, you are eligible if you are an Australian citizen or permanent resident, 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.
Eligible first home buyers can receive the grant regardless of their income, the area in which they are planning to buy or build, or the value of their first home. The grant is not means tested and no tax is payable on it.
There is also a range of state concessions available, and your Mortgage Choice broker will walk you through these.
It’s a great leg up to help you get into your first home, and your Mortgage Choice broker can help submit your application.
Find out if you qualify for the First Home Owner's Grant today.