First Home Buyers Grant

The First Home Owner Grant is available to first home buyers who sign contracts to purchase a newly built home between 14 October 2008 and 30 June 2009. These buyers will now be eligible for a one off payment of $21,000. For people purchasing newly built homes, this means entering into a contract to build or buy a house. The house may be built on land that has already been purchased.

The increased amounts for newly built houses will be payable where:

* Building commences within 24 weeks of signing the contract
* Building is completed within 18 months of the commencement of building

A newly built home is a home that has never been sold before, nor occupied by any person. This includes:

* Contracts to build a home on land already purchased
* Homes bought off the plan
* Purchase of homes that have been built but never sold or occupied

Eligibility criteria remain the same as for the current First Home Owners Grant. The current eligibility requirements are:

* Must be at least 18 years of age
* Must be an Australian citizen or permanent resident
* The applicant (or applicant’s spouse) must not have received an earlier grant
* The applicant (or applicant’s spouse) must not have previously owned their own home
* Must live in the home for at least a continuous period of 6 months, within 12 months after completion of the eligible
transaction

The FHOB will be administered by State and Territory Governments, just like the existing First Home Owners Grant. State and Territory Governments will have systems established to process applications under the new rules as soon as possible. Relevant departments in State and Territory Governments will make final decisions on individual applications.

For a newly established house, the FHOB (and FHOG) is paid in a lump sum to the first home buyer upon completion, that is, when a certificate of occupancy is provided.

There’s no time to waste as there is a deadline approaching soon. Contact us now and we’ll help you find your first home.

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