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Get on the Property Ladder with a First Home Owners Grant

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Get on the Property Ladder with a First Home Owners Grant

Everyone wants to on their own home, but in today’s current financial climate this can be very difficult as money is in short supply and first-time buyers are being priced out of the market. On the 1st July 2001 the Australian government introduced the first home owners grant which is a one-off payment of up to ,000 that was designed to help first-time buyers with the cost of buying a new home. A first home owners grant can be used to buy either a property that is under construction, a newly built home or a property that is several years old. In fact the only properties that are not covered by a first home owners grant are caravans, houseboats and homes that are not connected via land to water and sewerage services.

To qualify for a first home owners grant applicants need to pass certain checks and meet certain criteria, one of which is being an Australian citizen or an Australian resident. In addition to this none of the applicants (if it is to be a joint application) or single applicant can have owned a residential property prior to applying for a first home owners grant. There are of course other criteria that all applicants need to meet and these can be found out in more detail from the Revenue State Department that covers the area of Australia which you wish to buy your house in.

Applicants are able to use their first home owners grant for a multitude of different purposes from using it to cover legal fees which are involved in buying a new property to carry out building inspection on the new property. Some people like to use their first home owners grant to put towards the cost of a new home and this can help to drastically reduce their monthly mortgage repayments. In fact one of the only things that a first home owners grant cannot be used for is to actually construct a new property – although they can be used for newly built properties all properties that are under construction at the time of purchase. If you’re in doubt as to what your first home owners grant can be used for, you should contact your Revenue State Department who will be more than happy to advise you on its potential uses.

In order to obtain your first home owners grant you need to first fill out an application form which is then sent back to your Revenue State Department where an official will look over it. All applicants must first home owners grant will also be expected to provide any documentation to support their claim. These are usually in the form of birth certificates, certificate of Australian citizenship, permanent resident Visa or Australian passport. When all the relevant documentation has been collected a decision will then be made as to whether or not applicants are unable to receive their first home owners grant and this decision will be relayed to you by one of the State Department officials.

 

First Home Grants website provides useful information about first home owners grant , first home loan options and many other helpful tips and guides. http://www.firsthomegrants.com.au

Article from articlesbase.com

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