The NSW State Government set up the First Home Owners Grant to help first home buyers like yourself realise the Aussie dream of owning a home.
First Home Owner Grant Changes
In the recent NSW State Budget changes were made to the First Home Owner Grant with the existing scheme ceasing 30 September 2012 and the new $15,000 First Home Owner Grant (New Homes) Scheme commencing 1 October 2012.
Whether you are purchasing an existing home or a new home these changes will affect you. Read on to find out how these changes will affect you.
First Home Owner Grant (expiring 30 Sep 2012)
The existing First Home Owner Grant applies to eligible transactions dated prior to 1 October 2012.
If you are a first home buyer looking to purchase an existing property you better get in quick as the existing grant will expire 30 September 2012. From 1 October 2012 you will not receive any grant for the purchase of an existing home.
This grant is $7000 and applies to both purchases of existing and new property where the value of the property is no more than $835,000.
$15,000 First Home Owner Grant (New Homes)
First home owners who purchase or build a new home where the eligible transaction commencement date (contract date) is on or after 1 October 2012 will be eligible for the $15,000 First Home Owner (New Homes) Grant.
The grant will reduce to $10,000 on 1 January 2014 for eligible transactions which have a commencement date (contract date) on or after 1 January 2014.
Are You Eligible For The Grant?
To be eligible for the First Home Owners Grant you must pass the government’s eligibility criteria. In a nutshell, the government wants to make sure that you, and all applicants really are buying or building a home for the very first time and at least one of you will live in the home as your primary residence for at least 6 months within the first 12 months of settlement or construction.
Obviously there is a little more detail involved so make sure you check out the First Home Owners Grant Eligibility Criteria.
First Home Owners Grant Application Process
How To Apply
To apply for the grant simply download the application form, fill out all the details and sign it. Once that’s done, just hand it to us and we’ll lodge it for you.
When Will I Receive The Money?
The money will be transferred into the account you specified on the application form on settlement for an existing home. When building a home, payment may be made on the first progress payment to the builder as long as the first progress payment is not less than the grant.
If you’re an owner builder, the grant will be transferred into the account of the approved agent (us) upon completion on your behalf.
Can I Add The Grant To My Deposit?
You sure can. In fact, you can use the money for anything you want (as long it’s legal of course).
Will Illawarra Home Loans Help Me Through The Process?
Yes. We will be here to support you from your first questions right through the entire life of your loan and beyond. If you have any questions about the First Home Owners Grant or you need help filling out the application form call us on 02 4226 5555. We’re here to help!
Want More Information?
For all the details, legalities and application form visit http://www.firsthome.gov.au/.