Getting A Head Start With The First Homeowner Grant
Buying or building a new home? Congratulations! Did you know you may be eligible for the First Home Owners Grant of $10,000? Provided your home is valued at $750,000 or less and is the first sale of the property as a residential premises, that sweet financial boost could be yours!
But before we get ahead of ourselves here, let’s just tick some boxes to make sure you meet all the requisite criteria. Firstly, you’re NOT eligible for the First Home Owners Grant if you or your partner/spouse have already received it in Australia.
Secondly, you or your partner/spouse cannot have owned a home in Australia, either jointly or separately, prior to 1 July 2000.
Thirdly, if you or your partner/spouse lived in a home in Australia in which either of you owned or part-owned on or after 1 July 2000, for a continuous period of at least six months, then you are also ineligible for the First Home Owner Grant.
These criteria apply regardless of whether your partner/spouse are applying for the First Home Owners Grant with you.
At least one of you must be an Australian citizen or permanent resident, in the case of the purchase of an established home, at the date on which the applicant/s become entitled to possession of the home under the contract (this generally occurs on the date of settlement), OR if entering into a comprehensive building contract, as at the date on which the building is ready for occupation as a place of residence.
One of you must intend to live in the home as your place of permanent residency for at least 12 months, commencing within 12 months of settlement or construction completion.
- Australian Defence Force personnel are exempt from this residency requirement from 27 June 2017. The exemption applies to current members of the Australian Army, Air Force or Navy who are enrolled to vote in Victorian elections and are either on duty or leave. The exemption does not apply to Australian Army, Air Force or Navy reservists or to Australian Public Service staff.
Stamping Out More Cost Imposts!
In further good news, how does a Stamp Duty concession, or even exemption, sound? Provided all purchasers meet the First Home Owners Grant eligibility criteria and at least one of you is using the home as a principal place of residence for a continuous period of 12 months from settlement, buyers who purchase a home with a dutiable value of $600,000 or less no longer have to pay a land transfer duty, while first homes with a dutiable value ranging from $600,000 to $750,000 will be entitled to a Stamp Duty Concession, calculated on a sliding scale.
More Information: https://www.sro.vic.gov.au/fhogapply