Are you ready to buy your first home? No matter what stage of life you’re in, this is an exciting milestone, but it can also be extremely daunting. With so much to consider, including interest rates, stamp duty, and more, it’s easy to get lost in numbers.
However, there is help out there for you. In this post, we answer: what is the first buyers grant? And go into everything you need to know about it.
What Is The First Buyers Grant?
Are you wondering, what is the first buyers grant? Also known as the first homeowner grant, the scheme was introduced on 1 July 2000 to offset the effect of GST on home ownership. The scheme is a national one that spans across all States and Territories in Australia but is administered under their own legislation.
So, what is the first buyers grant? Under the scheme, you can receive a one-off grant – as long as you meet the eligibility criteria. This is different for each State and Territory, so it’s important to refer to the guidelines and rules and eligibility in your State. As a general idea, you need to be purchasing a new build or building your own home and have intentions to move in there as your primary place of residence.
What Is The First Buyers Grant Eligibility Criteria?
What is the first buyers grant? This grant operates differently, depending on where you’re located in Australia. Each State and Territory has their own rules and regulations surrounding this grant, with their own set of selection criteria. Here’s a brief outline of what you can expect from your place of residence:
New South Wales: you must be purchasing the first home you or your spouse have owned or co-owned (with some exceptions) and move into the property within 12 months and live there for six continuous months. You must be an Australian citizen or permanent resident and at least 18 years old.
Australian Capital Territory: you must be buying or building a new home and move into it within 12 months of settlement or completion of construction. You have to live in the home continuously for a minimum of one year.
Northern Territory: if you are buying or building a new home, you can apply for a grant of $10,000. It has to be a new home that has never been previously lived in or sold as a place of residence.
Queensland: the new home or building must be valued at less than $750,000 and not previously occupied or sold as a place of residence. You must be an Australian citizen or permanent resident and move into your home within one year and live there continuously for six months.
South Australia: you are eligible for a grant of up to $15,000 if you are buying or building a new home and it will be your primary place of residence. You must be over 18 years, an Australian citizen or permanent resident and move into your home within the first year and live there continuously for six months.
Tasmania: first homeowners who are building a new residence or purchasing a new build are eligible for a grant of up to $20,000. You must be over 18 years, an Australian citizen or permanent resident and move into your home within the first year and live there continuously for six months.
Victoria: a first home owners grant of $10,000 is available when you buy or build your first home. You must be over 18 years, an Australian citizen or permanent resident and move into your home within the first year and live there continuously for 12 months.
Western Australia: this one-off grant gives you access to $10,000 when you buy or build your first home. You must be over 18 years, an Australian citizen or permanent resident and move into your home within the first year and live there continuously for six months.
Have you been wondering, what is the first buyers grant? Let’s take a look at how it might affect you.
Buying Your First Home
Once you’ve applied and received the first buyers grant, you’ll be locked into your first ever mortgage, which can be a little daunting. You want to make sure you have access to the best mortgage solutions, so you can find the best mortgage refinance options for your circumstances.
The team at NSW Mortgage Corp is on hand to help you out. We can tailor the best mortgage solution for your needs, and go above and beyond to find the best loan product.
A mortgage is a long-term loan, so with things constantly changing in the market, and interest rates going up and down, it’s important to make sure you have the best deal, even if that involves refinancing your loan. It could save you in the long run. Give the experts at NSW Mortgage Corp a call on
1300 137 778 today.
