Meeting the Criteria for a First Home Owners Grant
The First Home Owner Grant is an Australian Government funded first home buyer housing incentive that is administered by the various state and territory governments, throughout Australia. Because of this there are some slight variations in the terms of the grant between the jurisdictions involved but the basic criteria remains the same throughout.
eChoice Home Loan Comparison Service
A mortgage broker is an independent party in the home loan application process and because they are paid by any lender you choose, they will unbiasedly recommend the best home loan for you. Plus, an eChoice broker is so much more, as you can seek assistance with your First Home Buyer Grant eligibility and criteria, or with organising life insurance and income protection insurance.
- Compare home loans from over 30 of the best Australian lenders.
- Work with highly experienced loan managers and the most state of the art mortgage technology.
- Interest Rate of 6.55%
- Comparison Rate of 6.55%
- Application Fee of $0
- Maximum LVR With LMI: 90%
- Minimum Borrowing: $0
- Maximum Borrowing: $0
For instance there is a stipulation that all recipients of the grant must live in the relevant property for at least six months of the first 12 months following settlement, or the completion of the building, if you are building your first home. However in New South Wales a member of the armed forces is exempt from this requirement and in Western Australia the grant can be accessed by a first home buyer buying a property valued at up to $1,000,000, as long as the property is located north of the 26th parallel. Other Western Australian first home buyers living south of the 26th parallel, like other first home buyers elsewhere in Australia, can only access the grant for properties valued up to $750,000. The grant itself is a $7,000 tax free, lump sum, one off payment, that can be spent how you wish.
The main thrust of the grant is to assist first home buyers in the purchasing of their first home, therefore the eligibility is as all encompassing as it can be, the main points are as follows:
• You must be at least 18 years of age and either an Australian citizen or an Australian resident who has lived in Australia for at least six months. The commissioner’s administrating the scheme for the various state and territory governments can make exemptions where there is sufficient ground for doing so on both the above requirements.
• Neither yourself nor any other person having an interest in the property can have owned property elsewhere in Australia previously. This is an interesting requirement as it also includes your spouse or domestic partner of any gender, no matter if your spouse or domestic partner have any interest in the property you are purchasing, or not. A spouse is a married partner and a domestic partner is a member of a couple who is not married but are living together as such.
• Neither yourself or any other person who has any interest in the property, can have made a previous application for the grant and each applicant, if there is more than one for the one property, must be what is termed a ‘natural’ person, this means that neither a company nor a trust can apply. Once again the commissioner has a discretionary power here, as a trust will be excepted under certain circumstances e.g. if it is a trust especially set up to care for a disabled person who is the only beneficiary.
All questions in the application for the First Home Owner Grant must be answered honestly and accurately. The State or Territory Revenue Office that administers the scheme on behalf of the Australian Government checks every applicant widely through various sources and if any question is answered falsely it can be considered as being fraudulent. Charges may then be instigated with a heavy penalty being imposed if found guilty, as well as you having to pay back the grant money if it had been paid before the anomaly was discovered.
The application will also have to include all the necessary supporting documentation such as a copy of your birth certificate, passport, permanent resident visa, certificate of Australian citizenship or permanent resident visa, whichever is applicable.
You will also need to include information on the property you are buying such as its address, description and value, copy of the offer and acceptance and anything else pertaining to the purchase. Once completed the application form must be sent to the relevant State or Territory Revenue Office for processing. It is found to be quicker if you forward the application through your lender. If done in this manner the grant money is usually available at the time of settlement, or if you are building your own home, at the time the first scheduled payment for the construction is made by your lender. If you miss this time schedule you will still have up to 12 months following settlement or the completion of the building, to claim the grant money. The commissioner also has discretionary rights here and if there is sufficient grounds he or she can extent this extra time even further. If your application is declined for any reason you have the right of appeal. This is done through the commissioner and must be done as soon as possible.
Start a mortgage broker comparison in your area now.
Related posts:
- Eligibility Criteria First Home Owner Grant (NT)
- First Home Owners Grant FAQ NSW
- Can I Apply for the First Home Owners Grant if I Have Previously Owned a Property Which Was Then Sold?
- First Home Owners Grant (ACT)
- First Home Owners Grant FAQ
- First Home Owners Grant Frequently Asked Questions (VIC)
- How to apply for first home owners grant
- First Home Owners Grant (WA)
- First Home Owners Grant Eligibility Penalties NSW
- First Home Buyers Grant Queensland (QLD)
Top Home Loans
| Home Loan | Details | Interest Rate (p.a.) | Comp Rate^ (p.a.) | App Fee / Ongoing Fee | Max LVR | Min & Max Borrowing | |
|---|---|---|---|---|---|---|---|
 Loans.com.au - Dream Catcher | A home loan offer with a $0 application fee and one of the lowest available home loan interest rates. | 5.85% | 6.21% | $0 / $375 | 80% | $50,000 / $750,000 |
 
|
 Bankwest Online Home Loan | A low interest rate home loan with a $0 application fee and ongoing maintenance fees. This offer is exclusively available by applying online. | 5.97% | 5.97% | $0 / $0 | 80% | $100,000 / $1,000,000 |
|
 Illawarra Home Loans Bank Beater Home Loan | A low variable rate, beaten down even further by 0.05% p.a. after 5 years. | 6.07% | 6.35% | $0 / $345 | 90% | $250,000 / $1,000,000 |
|
 State Custodians Mortgage Company Standard Variable Offset Loan | Awarded Mortgage of the Year 2012 – this multi-award winner features 100% offset and a loyalty 0.25% rate drop after 5 years. | 6.02% | 6.23% | $0 / $345 | 95% | $150,000 / $1,000,000 |
|
Ask A Question