Getting Into The Property Market
At Shelter Capital, we save you time and money when looking for a home loan. We work with over 50 top banks and lenders to compare hundreds of loans and find the right one for you.
If you’re a first-time home buyer with limited funds for a deposit and other expenses like stamp duty and legal fees, we can help you borrow almost the full property value, including lenders mortgage insurance (LMI).
Whether you need information about Home Loans or the First Home Owner Grant, we’re here to help. We can explain what the grant is, the eligibility criteria, the differences in each state, how much you could receive and when you’ll get the grant. Just scroll down or contact our team today.
Understanding Your Financials
If you’re planning to buy your first home, it’s important to save money and manage your finances wisely. Being a homeowner means being able to handle mortgage payments and other expenses comfortably.
To be prepared for this significant financial commitment, it’s crucial to have a good grasp of your finances. Before you start house hunting, determine your price limit and figure out how much you can afford.
First Home Owners Grant
You could potentially be eligible to apply for the First Home Owner Grant, a program designed to assist Australians in obtaining the necessary funds for purchasing or constructing their initial home.
For additional details regarding the First Home Owner Grant, including its definition, eligibility requirements, variations across different states, potential grant amounts and disbursement timelines, we have provided useful links below.
If you are interested in learning how a broker from Shelter Capital can provide assistance, please feel free to get in touch with us today!
Applying for a First Home Owner Grant
If you are purchasing or constructing a new home as a first-time buyer, you might be eligible for a $10,000 grant through the NSW First Home Owner Grant (New Homes) scheme, provided that your purchase date falls on or after 1 January 2016.
To qualify for the First Home Owner Grant, the following conditions must be met:
- The total value of your newly built home or a significantly renovated home should be below $600,000.
- The combined value of the land you intend to build on and any dwelling you plan to construct should be below $750,000.
Check Your Eligibility
To receive the grant when you buy your home:
- You must be an individual, not a company or trust;
- You must be over 18;
- You, or at least one person you’re buying with, must be an Australian citizen or permanent resident;
- Your purchase date must be on or after 1 January 2016.
Generally, you won’t be eligible for the First Home Owner Grant if you or your spouse:
- have previously owned or co-owned a home in Australia or
- have received an Australian first home owner grant.
You may still be eligible if you purchased a residential property after 1 July 2000 and didn’t live in it for more than six continuous months.
Understand Your Obligations
One of first-time home buyers, including yourself, must move into the newly purchased property within 12 months and reside there continuously for at least six months.
If you are buying land and constructing a new home, you must move in within 12 months after the construction is finished.
Members of the Australian Defence Force may be exempt from the six-month residency requirement if all buyers are registered on the New South Wales electoral roll.
A “new home” refers to a property that meets the following criteria:
- If you are buying an existing home, you can qualify for the grant if it has never been sold before and has never been lived in, including by the builder or a tenant, prior to your occupancy.
- Alternatively, your home is also considered new if it has undergone significant renovations before your purchase. You may be eligible for the grant if a substantial portion or the entire house has been removed or replaced, it is the first time the home is being sold after the renovations, and it has not been occupied since the renovations, including by the builder or a tenant.