When Will I Get the First Home Owners Grant?
When you are looking to buy a home you will have to pay many additional costs. Some of the costs that you will have to pay will be the stamp duty and the application fees. While these costs may seem small they can significantly raise the cost of buying a home and all these costs will usually have to be paid up front. If you are looking to buy your first home then there may some options available to you that will help you pay for these costs, one of these options will be the first home owners grant. The first home owners grant is a cash payment that you can receive for simply buying your first home. If you are looking to apply for the first home owners grant then you will need to know when you will receive the payment so you will be able to plan how you will use the money.
When will you get the Grant
The first home owners grant is a grant that may be able to help you pay for some of the costs that will arise when you buy a new home. If you are looking to apply for the first home owners grant then you will want to know when you will receive the grant because you will need to know when you can use the money. When you will receive the grant will depend on how you buy the house:
- Buying off the plan. If you are buying off the plan then you will be able to receive the grant when applying through an OSR when you have a certificate that shows your name on the title of the property. If you are applying through your provider then you will be able to apply at the settlement of the property.
- Instalment purchase contracts. If you are buying your home through an instalment purchase contract then you will be able to receive the grant when applying through your OSR when you are able to provide evidence of the contract operating for the year, when you have paid at least 10% of the purchase price (or $7000, whichever is greater), you are not in default on the contract and when you have occupied the place as your principal place of residence.
- Vendor finance contracts. If you are buying your home through a vendor finance contract then you will be able to receive the grant when applying through your OSR when you own the home under the contract.
- Other contracts. If you are buying your home through other contracts when building then you will be able to receive the grant when applying through your OSR when have a registration confirmation statement showing your name on the title of the property. If you are applying for the grant through your provider then you will be able to receive the grant when you settle the sale of the home.
- Building contracts. If you are buying your home through a building contract then you will be able to receive the grant when applying through your OSR when you receive the final inspections. If you are applying through your provider then you will be able to receive the grant when you first draw on the funds.
- Owner builder. If you are buying your home through an owner builder contract then you will be able to receive the grant when applying through your OSR when you receive the final inspections. If you are applying through your provider then you will be able to receive the grant when you have a final inspection report.
- Conditions and penalties. In some cases you will be able to receive the grant before you move into your home. However, if you break any of the conditions of the grant or you fail to move into the property within a year then you may have to repay the grant.
If you are looking to buy your first home then you will want to make sure that you know about all the costs that you will have to pay. There will be many upfront costs that you will have to pay when you buy a home and many of these will have to be paid up front. If you are buying your first home then you will be able to apply for the first home owner grant to help you pay for some of these additional costs. The first home owner grant will be available to you at different times depending on how you are buying the home.
Related posts:
- First Home Owners Grant – Australian Capital Territory
- How to Apply for the First Home Owners Grant in South Australia (SA)
- How to apply for first home owners grant
- First Home Owner Grant Overview (VIC)
- FHOG Eligibility To Receive The Grant (VIC)
- First Home Owners Grant FAQ
- First Home Owners Boost South Australia
- First Home Owners Bonus FAQ (VIC)
- First Home Owners Grant (WA)
- First Home Owners Grant FAQ NSW
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