First Home Owners Grant

First Home Owners Grant –

What you need to know about the First Home Owners Grant, all laid out simply! 

How much is the First Home Owners Grant?

New homes-0303_DAZ7751

Transactions entered between 1st of Jan and 31st of Dec 2017 may be eligible to receive a $5,000 boost plus the $10,000 grant!  The consideration paid to buy or build the house if less than the grant amount.

For eligible transactions entered into or after 25 Sept 2013 and on or before 31 Dec 2016. The grant is $10,000 or the consideration paid to buy or build the house if less than the grant amount.
The grant was $7,000 or the consideration paid if less than $7,000, for eligible transactions, entered into between 1 July 2000 and 24 Sept 2013.

0501DAZ_3863Established homes-

The grant is no longer available for the purchase of established homes. However, purchasers of established homes will still be able to apply for the first home owner rate of duty. Only if the value of the home is below the current threshold of $530,000.
Eligible transactions entered into between 25 Sept 2013 and 2 Oct 2015, the grant was $3,000 or the consideration paid if less than the grant amount.
Eligible transactions entered into between 1 July 2000 and 24 Sept 2013, the grant was $7,000 or the consideration paid if less than $7,000.

Eligibility for the FHOG-

To be eligible for the FHOG, applications must satisfy the following criteria:

  • Each applicant must be a natural person (i.e. not a company or trust).
  •  Each applicant must be 18 years of age or over at the date of making an application.
  • One of the applicants must be an Australian citizen or permanent resident at the date of making an application.
  • Applicant and/or their spouse4 cannot have previously received an FHOG or FHOR of duty under this scheme
  •  All applicant and/or their spouse cannot have owned residential property anywhere in Australia before 1 July 2000.
  • Each applicant and/or their spouse cannot have previously owned residential property anywhere in Australia on or after 1 July 2000 and occupied that property as a place of residence before 1 July 2004.
  • All applicants and/or their spouse cannot have previously owned residential property anywhere in Australia on or after 1 July 2000 and occupied that property as a place of residence for a continuous period of at least six months that began on or after 1 July 2004.
  • Each applicant must occupy the home as their principal place of residence for a continuous period of at least six months.
  • Each applicant must have entered into an eligible transaction on or after 1 July 2000.

What defines eligibility is found under section 14 of the First Home Owner Grant Act 2000. It is generally a contract for the purchase or construction of a home as an owner builder. For eligible transactions commencing on or after 1 January 2010, the total value of the home must not exceed the cap amount. The cap amount is:

  • $750,000 if the property is located south of the 26th parallel of south latitude; or
  • $1,000,000 if located north of the 26th parallel of south latitude.

For more information or to see if you are eligible, give our office a call on 08 9443 7088 and we will put you through to one of our financial brokers for a free chat!

Thinking of buying? we have some real beauties up for sale at the moment with the grant in place! Click here to take a look!

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