Applying for a First Home Owner Grant
Buying a home for the first time and entering the property market is quite difficult in 2016, and our government recognises that. That’s why, for first time home buyers, the government is willing to lend a hand in the form of a first home owner grant.
But like anything that pertains to the government, there’s a process. Naturally, if you’re considering buying a property for the first time, you’re probably interested in what that process is. It’s similar across Australia, but there are slight variations from state to state.
Residents of the Australian Capital Territory can expect $12,500 worth of help from the Australian government – whether a property is bought new or off the plan.
In New South Wales, the grant is $15,000 for new homes bought at less than $650,000. If you move away from the inner suburbs and into a regional area, there’s an additional $7,000 of government assistance to be had.
Northern Territory first time homeowners are eligible for $25,000 worth of assistance when buying a new home – double that of the ACT!
Queensland’s pristinely named “Great Start Grant” offers $15,000 of assistance, like NSW.
Head here to find the form for this grant (you’ll have to create an account).
South Australia’s grant is worth $15,000 as well, however it’s for new homes up to the value of $575,000 only.
Sorry Tasmanians! This grant is the smallest of them all at $7,000. However, it is uncapped – meaning you are eligible to receive it regardless of the final price you pay for the home.
Victoria’s grant is a $10,000 grant eligible for homes purchased for $750,000 or less. There’s also a 30% stamp duty reduction to be claimed if your first home is worth $600,000 or less.
Last, but not least, Western Australia’s grant is $10,000 when purchasing a new home and just $3,000 when purchasing an established home. The home purchased must be $750,000 or less – unless the property is located north of the 26th parallel, where you are eligible for the grant as long as the property sale price doesn’t exceed $1,000,000.
At Mortgage House, we’re no strangers to the homeowner’s journey. It’s a long (but rewarding) one.
But don’t worry, we can help with that.
If you’re thinking of buying a home, you can contact us for advice about the best options for you when it comes to your mortgage. The cost of your mortgage can drastically affect your financial planning, so it pays to speak to the experts about it.