Becoming a homeowner is a milestone many aspire to achieve, and for first-time buyers, the journey is often paved with excitement and anticipation. One valuable resource that can significantly lighten the financial load is the First Home Buyers Grant. It’s important to understand how you can access this grant and whether or not you are eligible.
While buying your first home can feel like an incredibly daunting decision, there are a lot of exciting opportunities out there to support people taking their first steps into buying a home. However, there is often limited knowledge about these opportunities and how to access their benefits, leaving many first home buyers feeling stressed and confused about their finance options. Here is a breakdown of the requirements, it’s important to note that eligibility may change between states.
What is The First Home Buyers Grant?
The First Home Buyers Grant comes under our Residential Finance options and is a government initiative designed to assist individuals or couples in their pursuit of homeownership, particularly for those entering the property market for the first time. Originating in Australia, the grant is implemented by various states and territories, each with its own set of rules and regulations. Typically, the grant provides a one-time financial fund to eligible applicants to help alleviate the initial costs associated with purchasing a home. The grant is often aimed at encouraging the acquisition of new or substantially renovated properties, with the intention of promoting economic activity in the housing sector. While the specific amount and eligibility criteria vary across regions, the grant serves as a valuable tool to empower first-time buyers by reducing financial barriers and facilitating the reality of owning a home.
Eligibility Criteria
- Age: You and any other co-applicants of the grant must be 18 years or older. You can also apply as an individual or a couple.
- Australian Citizenship: Eligible applicants are usually required to be Australian citizens or permanent residents. However, if you are applying for the grant with someone else and one of you is not an Australian citizen you can still be eligible for the grant if you meet the other requirements. It’s essential to verify your residency status and ensure that you meet the specified criteria, as this forms the basis for your entitlement to the grant.
- Ownership: The primary qualifier for the grant is being a first-time homebuyer. This means you, or your co-applicant must not have previously owned a property or received a grant individually or jointly in Australia.
- Residence: To be eligible for the grant, the property must serve as your primary place of residence. This requirement emphasises the government’s aim to assist individuals or couples in securing a home for personal use rather than investment purposes. You must move into your brand new home as your principal place of residence within 1 year of the completed transaction, and live there continuously for 6 months.
- Income: Income thresholds may also apply, ensuring that the grant is targeted towards individuals or couples within specific income brackets. Income up to $125k for individuals or $200k for joint applicants (must supply a Notice of Assessment)
- Property Price Caps: Currently the cap for Queensland for this grant is a property valued less than $750,000. The cap for NSW is currently land valued at $600,000 or a combined house & land package valued at less than $750,000.
It is crucial for potential applicants in Sydney and Brisbane to refer to the latest information provided by the relevant state government authorities, as criteria may be subject to change. For more information visit:
https://qro.qld.gov.au/property-concessions-grants/first-home-grant/eligibility/
https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer
At The Brokerage, we work closely with you to inform you of these opportunities while guiding you on the necessary path towards leveraging any exciting possibilities. For more information on how we can help visit our First Home Buyers page or contact us!
