Am I Eligible For The First Home Owner Grant?

There has been plenty written about housing affordability for first home buyers in Australia. Should you stop eating avocado (of course not!), are investors making things more difficult (well, they add to competition)...

If you are serious about purchasing your first home, you need to look at how you can use the incentives that already exist to your advantage. There are positives to be found. Low deposits that require you to pay less up front to secure your home. Additionally, low interest rates are also making repayments easier.

There are also State Government incentives such as the First Home Owners Grant. While this incentive ceased to apply to established homes in 2014, the First Home Owners Grant has in fact increased in recent years and currently sits at $15,000 for New Homes. Better yet, it can also include homes which have been substantially renovated (see here to determine how an established house might qualify for this).

Am I eligble for the first home owner grant? What do I need to do to get a First Home Owners Grant? 

What are the eligibility requirements?

To be eligible to receive the First Home Owners Grant, you must meet the following criteria:

1. Residency - At least one applicant must be an Australian citizen or have permanent residency in Australia. You need to satisfy the Commissioner that you meet residency requirements with supporting documentation.
2. First Time Home Owners - Neither you or your spouse/partner can have previously owned a residential property anywhere in Australia prior to 1 July 2000.
3. Occupancy - You must occupy the home purchased or built as your principal place of residence for a continuous period of at least six months, commencing within 12 months after completion.
4. Personhood - Each applicant must be a natural person (i.e. not a trustee or company) except in the cases of legal disability.
5. Age - You must be at least 18 years of age at the time of making your application.
6. Property Value - The property must have a market value of $575 000 or less*

Applications for the First Home Owners Grant also need to be made within 12 months of completing your home purchase. If you are looking to purchase off-the-plan, then you may also be eligible for an Off-the-Plan Concession to reduce your stamp duty.  

If you have questions regarding your eligibility, or to apply in South Australia, speak with RevenueSA or an Approved Agent such as your financial institution or KingsCoin.

It all goes a long way to bringing the dream of owning your first home a step closer.