First Home Grant and Finance
The First Home Owner Grant scheme offsets the effect of the GST on home ownership by providing a grant to first time homeowners. It is a one-off payment to assist eligible first home owners with purchase or construction costs. The process is different in each state. Speak to your broker to discuss what it means for you in your state. Stamp duty concessions / exemptions are usually also provided under the grant. The amount and benefits of the grant vary from state to state ranging from $7,000 to $26,000.
How do I know if I am eligible for the First Home Owner Grant?
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. If you are buying the property in conjunction with others, they must also meet the same criteria for the grant to be applicable. See the specific state rules for particular borrower qualifications.