First Home Buyer Grant Application
While the first home buyer grant has been significantly reduced when compared to the $21,000 which was on offer for building a new home and the $14,000 which was on offer for buying an established home just a few years ago, the $7000 first home owner grant can still go a long way to helping you meet your required deposit amount and get into your first home sooner and more easily.
When You Can’t Apply For The First Home Buyer Grant
You don’t want to miss out on the first home buyer grant but at the same time you don’t want to be searching for a new home, banking on an extra $7000 to help you along the way, only to find out that you in fact can’t apply for the grant. Instead it pays to know that you can’t apply for the first home owner grant if:
- You are buying an investment property. The first home buyer grant is only for people buying their first home not necessarily their first property so if you are planning on buying a house to use as an investment rather than as a home you shouldn’t apply and expect to receive the $7000 first home owner grant.
- You have been involved in the purchase of a home in the past. If you have already purchased a property which you called home, you are likely to be ineligible for the first home owner grant. Even if the first homeowner grant was not available when you bought your first time just because you missed out doesn’t necessarily mean you are eligible now.
- You have already claimed a grant. Even if you were listed as just a joint applicant in the previous first home buyer grant application, you have already claimed a $7000 first homeowner grant and are not eligible for the grant again. This applies if your new application is also a joint application because both applicants need to be eligible first home buyers to apply.
When You Should Apply For The First Home Buyer Grant
It may seem as though there are a lot of conditions and a low of circumstances where you will be ineligible for the first home owner grant however don’t let that put you off the application because you should apply for the first-time buyer grant:
- As soon as possible when you are seeking loan preapproval. This allows you to get the paperwork on your first home buyer grant application moving as soon as possible, and it means the bank knows your situation and your intentions with regards to your first home owner status, and your plans for your $7000 grant.
- If you plan to use your property as an investment in the future. Don’t let the fact that you have to be purchasing your first home to be eligible for the first homeowner grant, because there are no rules that you have to live in the home for the rest of your life. In fact you will only have to live in the house for six months within the first 12 months of owning the property to be eligible for the $7000 grant. After that you can buy another property and use what was your first home as an investment.
How To Complete The First Home Buyer Grant Application
Knowing whether or not you are eligible for the first homeowner’s grant is just part of the process; you need to now tackle the paperwork. Applying for the first homeowner grant can be as easy as:
- Having your broker completely application for you. Most mortgage brokers will offer because they are aiming to make the loan process as easy as possible because they would prefer more Australians to deal with them rather than going directly to the banks. Therefore your mortgage broker will be able to complete all of the paperwork for a successful first home buyer grant application.
- Your loan provider can complete the location for you too. Your banks, credit union or building society will also have all of the necessary paperwork and information to complete your first home buyer grant application as part of the loan approvals process. This can save you the time and hassle of trying to understand the paperwork yourself, because you may still be working hard on finding the perfect home now we have the perfect loan.
- You can complete the paperwork yourself. The first home buyer grant application is not a complex one, and you can compete independently. However the grant application requires a lot of the same information which is in your home loan application and it can be easier for your broker or loan provider to fill out the application for your grant at the same time as processing your loan application.
Now you know when and where and how you can apply for the first home buyer grant, start searching for the perfect home loan to which you can apply your grant. View the Home Loan Finder comparison tables here to learn more about the fees and features you can expect from a first homebuyer loan. You can then follow our secure links directly from the comparison tables to the provider’s website and in some cases you can even start your loan application and your first home buyer grant application online.
Related posts:
- First Home Owner Grant – Lodgement Guide and Application Form (ACT)
- First Home Owner Grant Overview (VIC)
- First Home Buyer Grant Rules
- First Home Owners Grant FAQ
- Frequently Asked Questions: First Home Owner Grant
- First Home Owners Grant – Australian Capital Territory
- How to apply for first home owners grant
- When Will I Get the First Home Owners Grant?
- FHOG Eligibility To Receive The Grant (VIC)
- First Home Owners Grant FAQ NSW
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