First Home Owner Grants were introduced on July 1st 2000, the same day the new Goods and Service Tax also took affect. First Home Owner Grants were seen as a way to counteract the impact of the GST. For those who are eligible, and meet the criteria set, a $7000 grant is available, to help individuals buy their very first, permanent, residence. First Home Owner Grants are funded by the revenue offices of the Australian Central Territories, but they’re administered by each individual state’s office. Basic requirements remain true throughout those states, although each office can have particular, additional criteria, which must also be met. First Home Owner Grants are an ongoing scheme, with no current plans to withdraw them. In Fact, an additional grant has recently been introduced and funded by the Australian Government, by way of the First Home Owner Boost Scheme. It is applicable to any home purchase contracts signed for on, and after October 14th 2008, and before of on June 30th2009.
Neither the price of a property, nor the individuals income, affect eligibility for First Home Owner Grants. If you do receive the $7000 grant, you might also be eligible for the First Home Owner Boost. Certain requirements do have to be met, to receive the ‘Boost Payments’. The Boost can be more than double that of First Home Owner Grants. Usually, your eligibility will automatically be considered for ‘Boost Payments’, when making your initial application for the First Home Owner Grant. Because each state has it’s own individual First Home Owner Grants scheme, ‘Boost Payments’ can also vary. Before completing purchase of your First Home, applications should be made through an approved agent, within the appropriate state. First Home Owner Grants are known to be processed within a few weeks, if the correct documentation is provided. If think you might be eligible, you can contact your state revenue office directly. Which state Revenue Office you must apply to, is entirely relevant to where the residence being purchased, or already owned, is.
Most legal residencies should be eligible for the fixed $7000, First Home Owner Grants. However, the type of property, and which state it is in, will affect the amount of the First Home Owner Boost. New homes are eligible for the most, with an extra $14,000 available, in addition to the $7000. On top of that, three thousand dollars is also available, in the form of a First Home Owner Regional Bonus, plus an additional ‘Boost Payment’ of five thousand dollars as a ‘First Home Bonus’, for those who meet criteria. Depending on the state, for a new home, the First Home Owner Boost and other supplements available can add up to almost thirty thousand dollars. In certain cases, a home which has been extensively renovated can be classed as a ‘new home’. If the residence has never been occupied, since those renovations took place. First Home Owner Grants and Boost Payments can amount to tens of thousands of dollars. Of great benefit to new ‘First Home Owners’ all over Australia.
Watch the video related to home owner
Quicken Loans clients, Tommy and Cathy, from Florida, explain how Quicken Loans and Greg Lundgren helped their family purchase their first home. Raising three boys keeps them very busy, so their banker, Greg and client care specialist, Beth, made the process simple for them.
