In July 2000, the Federal Government established the First Home Owner’s Grant, designed to assist first time buyers with the cost of purchasing a home.
To be eligible for the First Home Owner’s Grant, the following criteria must be fulfilled:
The purchaser must be an Australian citizen or permanent resident buying or building their first home in Australia.
The property must be a recognised house, home unit, flat or other self-contained fixed dwelling, specifically designed for residential purposes.
The Grant must not have been claimed previously.
The home must be occupied by the applicant within twelve months of purchase settlement or building completion.
Application for the Grant must be made within twelve months of settlement or building completion.
If the home costs less than $7,000 dollars then the amount paid under the Grant will equal the purchase price.
The tax-free, one-off payment of $7,000 is not means tested, so any first home buyer who meets all the criteria is eligible. Applications made in joint names will only be entitled to one payment for the single property.
The different State and Territory Governments around Australia also have additional eligibility criteria, such as minimum age limits and periods of occupancy. All are different so check with your local authority for their specific details.