Migrate to Australia: first home buyer grants
08 October 2016 by News DeskMigrate to Australia and get help to buy or build your first home.
Migrate to Australia where the First Home Owner Grant (FHOG) scheme aims to encourage new home ownership.
It is a national scheme funded by the states and territories and administered under their own legislation.
Under the scheme, one-off grants are payable to first home owners that satisfy the eligibility criteria.
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 grant.
The grant amount is determined by the date of the eligible transaction. This is the date of the contract to purchase a new home or contract to build a home. For an owner builder, the eligible date is when the building work commences.
For eligible transactions made on or after 1 January 2016, the grant amount is $10,000.
Migrate to Australia: first home buyer grants
What is a new home? – A new home is a home that has not been previously occupied or sold as a place of residence and includes a home that has been substantially renovated and a home built to replace demolished premises.
A home that has been occupied, including by the builder, a tenant or any other occupant is not considered a new home.
Where the home is being purchased, it must be the first sale of that home
To be eligible for the grant: the contract date must be on or after 1 January 2016; 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 $750,000
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.
If you cannot meet all of the eligibility requirements, you are not eligible to receive the grant. If you receive the grant and fail to meet the eligibility requirements (for example, not living in the home for a continuous period of at least 6 months), you need to pay back the grant. Failure to do so can result in prosecution and penalties up to $11,000.
If you are part of the Australian Defence Force and all applicants are on the New South Wales electoral roll, you may be eligible for an exemption from the 6 month residence requirement.
Migrate to Australia and Apply for the grant through your financial institution or directly by submitting a First Home Owner Grant (New Homes) Application form (OFH001).
Applications lodged with financial institutions will have the grant available for settlement or for the first draw down on contracts to build.
If applying directly, the house must be complete and you must be registered on title.
Applications must be lodged within 12 months of completion or settlement of your new home. Your agent (for example, a solicitor or conveyancer) can help you lodge your application and documents.
For full details go to: http://www.osr.nsw.gov.au/grants
To learn more about First Home Owner Grants across Australia, click on the following links:
For expert info and help with buying property in Australia, Click Here
Want to Migrate to Australia? Click here for expert help: Skilled Migration to Australia
Want to get a job Down Under? Click here for expert help: How to Get a Job in Australia
Click here for expert help with travel visas: Travel Visas to Australia
