Recently, the Office of State Revenue announced that the First Home Owner Grant (New Homes) of $15,000 is being extended for a further two years from 31 December 2013 to 31 December 2015. On 1 January 2016 it will reduce to $10,000.
The First Home Owner Grant (New Homes) applies to the purchase of a new home only. It does not apply to the purchase of an established home, vacant land, business premises or a holiday home. A new home is a home that has not been previously occupied or sold as a place of residence.
To be eligible to apply for the Grant, you must be able to meet at least the following conditions:
- You must be over 18 years of age;
- The property must be purchased in your name and not in the name of a company or trust;
- If there are two people buying together, one person must be a permanent resident or an Australian citizen;
- All applicants and/or their spouse/de facto must not have previously owned a residential property, jointly, separately or with some other person in any State or Territory before 1 July 2000;
- The purchase price must not exceed $650,000;
- The applicant and/or their spouse must have not previously received a first home owner grant in any State or Territory; and
- At least one applicant must occupy the home as their principal place of residence for a continuous period of six months, commencing within 12 months of purchasing the new home.
Like most applications, conditions apply and penalities will be imposed on any person who knowlingly supplies false or misleading information at the time of making an application for the grant. An assessment as to whether you are eligible to apply must be determined based on your individual circumstances at the time you are seeking to purchase a new home.
If you are a first home buyer and you are considering buying a new home, you should come and see our experienced property team who can help answer all of your questions and put you on the path towards owning your new home, because Helping You is Our Business.
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