What is the First Home Owner Grant?
The First Home Owner Grant is a government initiative designed to assist first-time homebuyers in purchasing or building their first new home. Eligible applicants can receive a grant of $10,000 towards the cost of their new home.
How much can I spend?
The grant can be used towards the purchase of a newly built house, townhouse, apartment, unit, or similar property, with a purchase price not exceeding $600,000. Alternatively, if purchasing vacant land and signing a building contract with a builder, the total combined cost must not exceed $750,000. If purchasing a substantially renovated home, the purchase price must also not exceed $600,000.
- Each applicant must be at least 18 years old and a first home buyer as a person, not as a company or trust.
- At least one applicant must be a permanent resident or Australian citizen,
- Neither the applicant nor their spouse, partner, or co-purchaser can have previously owned a home before 1 July 2000.
- The first home must also be occupied as the principal place of residence within 12 months of construction or purchase, with a minimum period of occupancy of six continuous months.