Finally some good news for First Home Buyers
Buying your first home can be especially daunting. It is a new experience and can unfortunately be a confusing one! Not only do you normally spend months researching for the right property, but you also have to consider the additional hidden costs and paperwork that you may not know about just yet!
The good news is you may be eligible for the Australian Government’s First Home Owners Grant. You are eligible if you:
- Are an Australian citizen or permanent resident
- Are buying or building your first home in Australia
- Have the intention of occupying the property as your principal place ofresidence within 12 months of the settlement and living in it continuously for at least 6 months
Other things to consider:
- If you are buying the property in conjunction with others, they must also meet the same criteria for the First Home Owners Grant to be applicable.
- If you’re eligible you can receive the Grant regardless of your income and the area in which you are planning to buy or build. The Grant is not means tested and no tax is payable on it.
- However, there is a cap on the maximum property price a first home buyer can pay and still be eligible for the grant.
Aside from the one-off First Home Owner Grant of $7000 that is available to first home owners who meet all eligibility criteria, there are also additional grants that some state governments are providing to first time buyers in each different state. For more information on the First Home Buyers Scheme in your state please view our USEFUL LINKS page.
So you can see buying your first home is quite confusing. The team at Mint Finance are fully trained and experienced in dealing with first home buyer legislations and finance applications.
It is also a good idea to have your finance pre-approved if you are a first home buyer. This ensures you know exactly how much you can spend and will take into consideration all of the extra hidden costs.
Call us today and we will support you through the process.
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