Brief Overview of the First Homeowners Grant

If you are about to be a first-time homeowner, you are in luck. You will be able to access the $7,000 grant given by the government to offset the costs of GST. This will be a great help to most young homebuyers. Although the grant comes from the Commonwealth government, the state and territory governments are the ones who administer it. There are certain criteria you must fulfil to be eligible for the grant.

First of all, you must actually live in Australia permanently, so if you live out of the country for four or six months of the year, you would not qualify. You must not already own, or have owned, any kind of property and if you are married, your spouse must not own or have owned any property. Your intention must be to live on the property and there is a time limit of one year for this to occur.

If you are building a new home, the building must begin within 26 weeks of entering the contract and be completed within 18 months. Some states may offer further advantages and concessions such as reduced stamp duty. Residents of New South Wales and Victoria may be eligible for other bonuses, but should check with their local revenue office to find out for sure.

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