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First Home Owners Grant

Overview

First Home Buyers GrantTo be eligible for the Federal Government’s First Home Owners Grant scheme you must be an Australian citizen or permanent resident at least 18 years old and you (and or  your spouse / partner) must have not previously owned a home in Australia. If there are 2 applicants, at least one applicant needs to be an Australian citizen or permanent resident to qualify.

In NSW the grant is currently $7,000 ($10,000 for new unlived in properties).

You can apply for the First Home Owners Grant in the form of cash to add to your deposit and this is usually paid at the time of property settlement.

The property you buy must be an owner occupied property and legislation introduced in 2004 requires you live in the property for a period of at least 6 consecutive months commencing within the first 12 months after purchase. It is imperative that you seek advice from your solicitor if you intend to rent the property at some stage to see if you still qualify for the grant.

The First Home Owners Grant application can be submitted up to 12 months after the property purchase has settled.

A current First Home Owners Grant application form needs to be completed to apply and these can be obtained from your lender, accountant or solicitor. 

Eligibility

To be eligible for the First Home Owners Grant (FHOG) scheme you must meet certain criteria, the link below will take you to the Office of State Revenue's web site which contains all the information required to help you to determine if you are eligible for the grant. 


http://www.osr.nsw.gov.au/benefits/first_home/

Disclaimer:  Whilst every effort has been made to ensure the accuracy of this information it is not to be relied upon in making a decision to purchase a property, a parcel of land or committing to a building contract. Prospective buyers or those wishing to build a new home are strongly advised to seek independent legal advice as to their eligibility for the First Home Buyers Grant or First Home Buyers Stamp Duty Exemption Scheme before proceeding with any property purchase or building contract.