Australian Governements First home owners grant scheme.
To offset the impact of the introduction of the goods
and services tax (GST), the Commonwealth has requested that the States
and Territories assist first home buyers through the establishment of
the Australian Governments First Home Owner Grant Scheme
The principles of the
First Home Owners Grant Scheme are:
- Eligible applicants from 1 July 2000 are entitled to a one-off
$7,000 home owners grant .
- Eligible applicants must be natural persons, who are Australian
citizens or permanent residents, who are buying or building
their first home in Australia.
- To qualify for assistance, neither the applicant nor their
spouse (or de facto) must have owned a home prior to 1 July
2000, either jointly, separately or with some other person.
- Neither the applicant nor their spouse (or de facto) must
have owned and occupied a home after 1 July 2000.
- Neither the applicant nor their spouse (or de facto) must
have claimed this grant previously.
- Entering into a binding contract or commencement of building,
in the case of owner-builders, must have occurred on or after
1 July 2000.
- An eligible home will be located in Australia and will be
a new or established house, home unit, flat or other type of
self contained fixed dwelling that lawfully can be used as a
place of residence.
- An eligible home must be occupied by the applicant(s) as their
principal place of residence within 12 months of completion
of construction or settlement of the home.
- Application for the grant must be made within 12 months of
completion of construction or settlement of the home.
- Assistance will not be means tested.
- There is no tax payable on the grant.
- Joint applicants will be restricted to a single application
for a single property and only one payment of the $7,000
First Home owners grant will be made.
If the consideration of the home is less than $7,000 then the grant
amount paid to the applicant will equal the consideration. |
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Additional First Home Owners Grant information
On 9 March 2001, the Commonwealth Government announced an additional $7,000
grant where a first homeowner builds their first home or purchases a new,
but previously unoccupied home. On 9 October 2001 the Prime Minister announced
variations to the terms and conditions of this additional grant, which
ceased on 31 December 2001. As from 1 January 2002 until 30 June 2002
inclusive, the additional grant will be reduced to $3,000.
To get more information about te federal Governments First Home Owners
Grant, please visit the Australian
First Home Owners Scheme or and accredited home mortgage consultant
or broker.
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