Buying your first home can be a very stressful experience but it doesn’t have to be. For many people, buying their first home will be the biggest purchase they ever make. And knowing just where to start can feel a bit overwhelming.
We are very excited to offer entry-level homes to allow First Home Owners to get into the market sooner. He also provide free information on how the process works, how much fun it is to build your first home and what sort of home you will end up with upon completion.
Your income and expenses will determine how much you can borrow to buy a property. We help you talk to our Mortgage Brokers to figure out roughly how much this is so you can begin to make your choice on which house and block suits your needs, and your budget. You want to get a good idea of your borrowing power early on so you don’t waste time looking at properties that may not fit your budget.
Applying for a first home owner grant
Check your eligibility
If you meet the following criteria, you might be eligible for a first home owner grant.
Unless you are an owner builder, you must have a signed contract to buy or build your first home before applying.
You (and any co-applicants for the grant) are aged 18 years of age or older.
The home you are buying or building must be new and valued less than $750,000 (including land).
A new home is a brand new dwelling (e.g. house, unit, duplex, townhouse, granny flat built on a relative’s land) that has not been previously occupied as a place of residence or sold as a place of residence.
You must be an Australian citizen or permanent resident (or applying with someone who is).
If you are applying for the grant as a joint applicant—for example, you are not a permanent resident but your spouse is an Australian citizen—you may be eligible for the grant if you meet the other eligibility requirements.
Previous grant recipient
You or your spouse must not have previously received a first home owner grant in any state or territory of Australia. If you received a grant that you later paid back, together with any penalty, you may be able to reapply for the grant.
Previous home ownership
You or your spouse must not:
- currently own property in Australia that you live in
- have previously owned property in Australia that you lived in.
You will not be eligible for the grant if your spouse has:
- previously owned a home they have lived in
- owned a home before 1 July 2000.
- Investment properties
- If you have owned an interest in residential property since 1 July 2000 that has been solely used for investment purposes, you may be eligible for the grant on a subsequent property.
You will need to show that you have not lived in the investment property by providing evidence that covers the entire period of ownership:
- tenancy or lease agreements
- electricity or phone accounts
- tax return details declaring the rental property.
You must move into your brand new home as your principal place of residence within 1 year of the completed transaction, and live there continuously for 6 months.
You can rent out one or more rooms in the home during your 6-month residency period, as long as this arrangement doesn’t affect your use of the home. However, renting out any rooms in the first year after you move in may affect your eligibility for the first home concession or a first home vacant land concession.
While the residence requirements for the grant are similar to those for the first home concession, the grant and concession are separate benefits; you need to meet the requirements in each case. For example, you can rent the home out before moving in and keep the grant, but you may lose the first home concession.
You may be required to verify that you have met these requirements later, by providing documentation supporting the period of occupancy for all applicants.
Call us on 1300 657 646 or email us on firstname.lastname@example.org anytime