Getting the keys to your first home is one of the most important days, and biggest achievements of your life. Home ownership is also the biggest investment people will ever make, and getting out of the rental trap is the first step to building personal wealth.
There is no better feeling that knowing you have somewhere to truly call your own.
With housing affordability starting to become an issue in metropolitan areas of Australia, it is great to see the state governments stepping up and making it easier for first home buyers to get their first foot on the property ladder.
Queensland for example currently is offering a First Home Owners’ Grant of $20,000, but only until 30 June 2017. Depending on the date that you sign the contract, you can receive between $15,000 to $20,000 towards buying or building your new home, unit or townhouse (valued at less than $750,000).
Grant schemes like this are great, as they allow you to buy off the plan, or build yourself. By looking at the great designs and comparing builders on iBuildNew, you will be able to find the perfect Queensland builder for your needs. For advice on the best options to build or buy your dream home, book a call today with one of our phone consultants, and take advantage of this extra $5,000.
As with all states, there are certain eligibility criteria on the grant. For example, in Queensland these are currently:
- You must be an Australian citizen or permanent resident (or applying with someone who is).
- You or your spouse must not have previously owned property in Australia.
- You must be at least 18 years of age.
- You must be buying or building a brand new home, valued under $750,000.
These schemes are constantly being updated for each state, so we highly recommend researching the specific details for your state before you sign a contract.
What First Home Owner’s Grant Is Available In Your State?
NSW: For eligible transactions made on or after 1 January 2016, the grant amount is $10,000.
VIC: You can receive $10,000 with the First Home Owners’ Grant, with more available soon in regional Victoria. There are also concessions in stamp duty which can save a significant amount of money.
SA: For new homes, the grant is currently $15,000
TAS: First Home Owners’ Grant will be temporarily increased to $20 000 up to July 1st 2017
WA: First home owners buying or building a new home may apply for a grant of up to $10,000. Contracts signed between 1 January 2017 and 31 December 2017 may be eligible for an additional boost payment of $5,000.
ACT: The First Home Owners’ Grant is currently $10,000
NT: The grant in the NT is one of the best around the nation, with $26 000 grant for first home buyers purchasing or building a new home.
These grants are currently being reviewed in a number states, and while they are likely to increase to tackle housing affordability, could remain or even be reduced after the current periods. They work by effectively giving you a larger deposit, which can be the difference between getting a loan or missing out.
How Can I Access The First Home Owners’ Grant?
The grants are paid in different ways, dependent on the type of property purchased:
- Established homes (‘previously sold or occupied, and lawfully fit for occupation’) – payment on settlement
- Contracts to build – the grant is paid to the builder at the same time as the first progress payment
- Owner/builders – you will receive the grant on receipt of the Certificate of Occupancy
- New homes (‘never previously been lived in or sold as a place of residence’) – payment is made upon settlement
- Off-the-plan purchases – payment is made upon settlement.
In some states, there has never been a better time than right now to enter the property market. It is easy now with help from the Australian State Governments. To apply, you’ll need to prove you’re eligible for the grant. This will require supporting paperwork, such as contract of sale, contract to build, and proof of your identity.
And finally, to make sure that you have the right information specifically for first home buyers in your state visit your state government’s website. Here’s a head start on current grants, state by state: http://www.firsthome.gov.au/
For free advice on the best options to build or buy your dream home, book a call with one of our phone consultants.
Let us do the legwork for you.
- We’ll ask the right questions to better understand your needs
- We’ll create a recommended shortlist ideally matched to you
- We’ll answer specific questions or concerns related to home building, land purchasing or financing
Zoe Langenberg
Zoe is passionate about coffee and interior design. You can find her most weekends exploring an art gallery or devouring a good book.
1800 184 284
