There are a few certain milestones in life that come with a large price tag and purchasing your first home is one of them. Buying your first home is a big decision to make, and it can be equal parts exciting and daunting.
If you’re on the hunt for your first property, it pays to do some research on the grants and other concessions available to you before taking the plunge. In this article, we shed some light on First Home Owner Grants in both ACT and NSW to help you get a foot in the property market.
The consideration of where your home is located depends on your circumstances, your career and can have a substantial effect on your ability to meet current and future needs. Making the decision as to where your home is located will mean that your First Home Owner Grant will vary from NSW to ACT.
The Australian Government’s criteria into being eligible for the First Home Owner Grants is extensive, so be sure to do some additional research. It’s also important to note in both states/territories, that to be eligible for this grant you must be considered an owner-occupier, meaning you intend on living at the property, not capitalising on it through investment.
ACT First Home Owner Grant
The ACT’s First Home Owner Grant provides $7,000 financial assistance to eligible purchasers once the contract is signed and exchanged (not the settlement date) and if you are an owner-builder, this commences from the day you start building.
Requirements to be considered include:
- The value of the property is $750,000 or less
- Applicants must be 18 years of age
- At least one applicant must be a permanent resident or Australian citizen
- The home will be moved into within one year of completing the eligible transaction, and;
- The applicant/s resides in the home as a principle place of residence for at least one year
Would you like to know more about eligibility for the ACT First Home Owner Grant? Visit the ACT Revenue Office’s website here.
NSW First Home Owner Grant
The NSW’s First Home Owner Grant also provides $7,000 financial assistance to individuals if:
- Each applicant is a natural person and not a company or trust
- Applicant/s are at least 18 years of age
- At least one applicant is a permanent resident or Australian citizen
- Applicants must not have previously owned a residential property
- The value of the property meets the NSW Government’s cap
- The applicant is a first-time grant receiver, and;
- At least one applicant will occupy the home continuously for 6 months commencing within 12 months of settlement or construction
More information can be found on the NSW Government’s Revenue website, here .