First Home Buyers Grant

That very first home buyers grant bought either on your own or with a partner is always a special moment, but with the financial situation as it is, it has become increasingly difficult for these people to get on the first rung of the ladder, due to the funding, or lack of it.

First Home Buyers Grant

For this reason something known as the first home buyers grant was introduced in the summer of 2000. This is specifically targeted towards those very people who fit into a set criteria which recognizes income difficulties. This grant is given out by either the government or particular foundations, and as such does not incur any interest, which was the major stumbling block for many people.

In Australia the program is funded by each state or territory, and as such is subject to their own legislation. There is a breakdown of qualification, with established homes, new homes and construction status dwellings, receiving the first home buyers grant of $7,000. For a short period there was also a boost payment of a further $7,000, but this was stopped in late 2009. This benefit might not seem a huge amount, but can be the difference between success and failure. To qualify, the home must be used as the principal place of residence, and cannot be used towards any improvements to an existing build.

First Home Buyers Grant

Eligibility for applicants is fairly straightforward, so long as they satisfy specific criteria. They must purchase the home for themselves and not on behalf of a company; they must also be over 18 years of age. They need to be an Australian citizen, or at least one of the buyers must be, if in a partnership. It is necessary to prove that the purchase is indeed their first home in the country and they cannot have received the payment in any other part of home loans australia.

The first home buyers grant is means tested, which basically makes any income, however great that might be, of no significance to the grant, therefore the earning capacity of any applicant has absolutely no bearing on any success in being allowed it. This includes running your own business from the home, once again this has nothing to do the eligibility. It really is a huge helping hand to all the first time buyers and an assistance that often goes unnoticed. There is certainly no plan in the immediate future to remove this grant, and due to its success there wouldn’t appear any reason to suspect that this first home buyers grant would change anytime soon.