Thursday, September 26, 2013

$10,000 First Home Owners Grant has started

If you are looking to build a new house and you are a first homebuyer, your time has come. The state government's changes to the first home owner grants program started yesterday, allowing you to claim $10,000 cash. However, if you are buying an existing property, you will only receive $3,000, which was only a few day ago $7,000. 

Who's Eligible?

To be eligible for the FHOG, applications must satisfy the following eligibility criteria:
  • Each applicant must be a natural person (i.e. not a company or trust)
  • Each applicant must be 18 years of age or over at the commencement date of the eligible transaction
  • At least one of the applicants must be an Australian citizen or permanent resident at the time of making an application.
  • Each applicant and/or their spouse cannot have previously received a FHOG under this scheme
  • Each applicant and/or their spouse cannot have owned residential property anywhere in Australia before 1 July 2000.
  • Each applicant and/or their spouse cannot have previously owned residential property anywhere in Australia on or after 1 July 2000 and occupied that property as a place of residence before 1 July 2004.
  • Each applicant and/or their spouse cannot have previously owned residential property anywhere in Australia on or after 1 July 2000 and occupied that property as a place of residence for a continuous period of at least six months that began on or after 1 July 2004.
  • Each applicant must occupy the home being purchased or built as their principal place of residence for a continuous period of at least six months, commencing within twelve months of completion of the eligible transaction.
  • Each applicant must have entered into an eligible transaction on or after 1 July 2000. An eligible transaction is defined under section 14 of the First Home Owner Grant Act 2000, but is generally a contract for the purchase or construction of a home, or commencement of construction of a home as an owner builder.
  • For eligible transactions commencing on or after 1 January 2010, the total value of the home must not exceed the cap amount. The cap amount is:
    • $750,000 if the property is located south of the 26th parallel of South Latitude, or 
    • $1,000,000 if located north of the 26th parallel of South Latitude.
For more details, see the FHOG fact sheet here.

No comments:

Quick Poll: Are you currently

Most Read Posts