First Home Owner Grant (New Homes) scheme
The First Home Owner Grant Scheme was established to assist eligible first home owners to purchase a new home or build their home by offering a $15,000 grant. Note that the grant only applies to NEW HOMES – New “Off the plan” homes and apartments are admissible.
The Scheme will reduce to $10,000 on 1 January 2016.
Who is eligible?
To be eligible for the $15,000 grant:
- the contract date must be on or after 1 October 2012
- the home is a brand new home
- you are over 18
- you or your spouse (including de facto spouse) have never held a relevant interest in any residential property in Australia prior to 1 July 2000.
However, you may be eligible if you or your spouse, including de facto spouse, have only had a relevant interest in any residential property in Australia on or after 1 July 2000 and you have not resided in that property for a continuous period of at least 6 months.
- the value of the property must not exceed the First Home Owner Grant Cap of $650,000 for contracts dated between 1 October 2012 to 30 June 2014
- the value of the property must not exceed the First Home Owner Grant Cap of $750,000 for contracts dated on or after 1 July 2014
- you have not received a first home owners grant in any State or Territory, unless subsequently repaid
- you need to live in the home for a continuous period of at least 6 months
- at least one applicant is a permanent resident or Australian citizen
- each applicant must be a natural person and not a company or trust.
- May also be eligible for additional concession on stamp duty
- No stamp duty to $550K ($20K saving)
- After $550K the stamp duty comes into effect on a sliding scale to a maximum of $650K then between $650,000 to $750,000 goes to full stamp duty.
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Author: Bernie Tynes