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CibbuanoFirst Home Owners Grant
August 18th 2006 00:03
As a part of the intergovernmental Agreement, the First Home Owners Scheme was established in each State and Territory in Australia, effective July 1st 2000. The purpose of the First Home Owners Grant was to counter the impact of the GST on first home buyers. It provides a financial incentive for new home owners to invest the local real estate market and provides assistance for the initial establishment costs of buying a residential property.
The scheme comprises a one time grant to first time Australian home buyers of $7,000. This is a completely no strings attached grant. No fees are repayments are invoked. Basically if you’re a new home buyer the First Home Owners Grant is a spare $7,000 in the back pocket to either increase your lending leverage, reinvest into the property or blow on the pokies.
The conditions for receiving the First Home Owners Grant are as follows;
1) The Contract for the sale of the house and land, or unit is made on or after 1 July 2000. (Houseboats and mobile homes do not qualify).
OR
2) A comprehensive building contract to have a home built is made on or after 1 July 2000 by the owner of the land.
OR
3) The building of the home by an owner builder on vacant land is started on or after 1 July 2000.
OR
4) The owners of the home or the owners builders apply for the grant. (Please note that there is only one grant per eligible transaction. For example joint applicants will be restricted to a single application for a single property and only one payment of $7,000 will be made.
The First Home Owners Grant is not eligible for everyone. There are certain restrictions for those who can apply for the grant. The conditions eligibility are;
1) The applicant must be a natural person (so a company can not apply for the grant);
2) One of the applicants must be an Australian citizen or permanent resident;
3) The applicant or their partner must not have previously received a grant under this scheme or similar scheme in another state or territory;
4) Over 18;
5) The applicant or their partner must not have previously owned an interest in land in Australia that had a home on it, including an investment home, prior to 1 July 2000;
6) One of the applicants will be occupying the home as their principal place of residence within 12 months of settlement or completion of construction.
The scheme comprises a one time grant to first time Australian home buyers of $7,000. This is a completely no strings attached grant. No fees are repayments are invoked. Basically if you’re a new home buyer the First Home Owners Grant is a spare $7,000 in the back pocket to either increase your lending leverage, reinvest into the property or blow on the pokies.
The conditions for receiving the First Home Owners Grant are as follows;
1) The Contract for the sale of the house and land, or unit is made on or after 1 July 2000. (Houseboats and mobile homes do not qualify).
OR
2) A comprehensive building contract to have a home built is made on or after 1 July 2000 by the owner of the land.
OR
3) The building of the home by an owner builder on vacant land is started on or after 1 July 2000.
OR
4) The owners of the home or the owners builders apply for the grant. (Please note that there is only one grant per eligible transaction. For example joint applicants will be restricted to a single application for a single property and only one payment of $7,000 will be made.
The First Home Owners Grant is not eligible for everyone. There are certain restrictions for those who can apply for the grant. The conditions eligibility are;
1) The applicant must be a natural person (so a company can not apply for the grant);
2) One of the applicants must be an Australian citizen or permanent resident;
3) The applicant or their partner must not have previously received a grant under this scheme or similar scheme in another state or territory;
4) Over 18;
5) The applicant or their partner must not have previously owned an interest in land in Australia that had a home on it, including an investment home, prior to 1 July 2000;
6) One of the applicants will be occupying the home as their principal place of residence within 12 months of settlement or completion of construction.
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