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First HomeBuyers Grant, Can I Get One?

By Sandy Naidu | September 3, 2008

What Is First Home Owner Grant?

Back in 2000, the Federal Government introduced the First Home Owner Grant. This grant is administered under the legislation of each individual State or Territory. The grant was introduced to compensate home buyers for the effect of GST on home buying costs and to encourage Australians to buy their first home. Th grant is a one off payment of $7000.

Criteria and Key Points About First Home Owner Grant

1. You obviously have to be Australian Citizens or permanent residents to get this grant.

2. The grant is only for your first residential property - If your first property is a commercial property then you are not eligible for this grant.

3. You have to live in this property for at least 6 months and this has to begin within the first 12 months of settlement or completion of the property.

4. When you buy a property, you will get the grant at settlement. For an owner-builder property, you will get the payment on certificate of occupancy/completion.

5. If you or your partner had owned property before or received a grant before then you are not eligible. Check with your state or revenue office for further details.

6. This grant is not means tested.

The Best Use Of This Grant

The best use is to put it back into your mortgage. I purchased my property before the grant was introduced. So am not sure about the exact details - but I am quite sure that you can organise it such way that you receive the funds in time for your settlement. Check with your lender - they will assist you in applying for this grant. Click this First Home for more details.

If you got this grant then share with us any tips or details you might want to…