First Home Owners
The First Home Owner's Grant is a one-off payment of $7,000 to eligible first home buyers in Australia from 1 July 2000.
Who is eligible?
You must satisfy the following criteria to be eligible for a first homeowner's grant:
Applicants must be Australian citizens or permanent residents. For applications by couples, the Australian citizenship or residency criteria need be met by only one of the applicants.
Applicants must be natural persons (not a trust or a company, but trustees can apply on behalf of people with legal disabilities - such as mentally incapacitated persons)
Applicants must intend to make the home their principal place of residence and occupy it within one year.
The home must be in the same State in which the application is made. Therefore if an applicant purchases a home in Queensland, application must be made to the Queensland Office of State Revenue.
Applicants must be buying or building their first home. Applicants must have entered into a binding contract to buy or build a home or, in the case of an owner-builder, have started construction on or after 1 July 2000.
An applicant or spouse must not have previously owned a residential property or applied for this grant. Ownership of an investment property before 1 July 2000 will exclude you from being eligible to participate in the scheme. Whereas ownership of an investment property from 1 July 2000 will not exclude you from being eligible for the grant.
An eligible home includes new and established homes, units, and any other types of self-contained fixed dwellings approved by local councils.
How much is the grant?
The First Home Owner's Grant is a one-off payment of $7,000 to eligible first homebuyers from 1 July 2000.
The grant will not be means tested. Eligible applicants will receive the same amount regardless of the state or territory in which application is made or the value of their homes or their personal wealth.
How do you apply?
Applications for a grant must be made between the time the applicant becomes eligible and one year after the settlement date of the transaction or the date when the property can be occupied. However the Tax Commissioner has the discretion to extend the period to lodge an application, to allow early applications or authorise the payment of a grant before the applicant becomes eligible.
Application forms should be available from 1 July 2000 from the Office of State Revenue, from their websites, or from approved agents. The applicant must supply supporting documentation, including personal identification and proof of the contract.
This is a First Home Owner's Grant guide only, for more information regarding the First Home Owner's Grant please contact the appropriate government department on:
www.osr.qld.gov.au
