FIRST HOME BUYER

To help people buy their first home, Federal and State governments provide a one off payment of $7,000.

On October 14, 2008 the Federal Government announced a First Home Owner Boost, increasing the amount of the one-off payment:

  • First home buyers who purchase established homes will receive an additional $7,000 increasing the total payment to $14,000
  • First home buyers who purchase or build a newly constructed home will receive an additional $14,000, increasing the total payment to $21,000

Please note in some states and territories First Home Owner Grant applications eligible for the additional $7,000 or $14,000 boost will not be paid until arrangements with the Commonwealth Government are finalised.


How do I qualify?

  • You must be an Australian citizen or a permanent resident
  • You must be at least 18 years old
  • Your house must be your principal place of residence for a continuous period of 6 months within the first year of owning it
  • You must be buying or building your own home
  • The house must be in the same state or territory in which the application is made
  • You have never owned a property or received the grant before. This includes your spouse or de facto if you are co-owners

For the First Home Owner Boost, some additional criteria applies:

  • You must be buying or building a home for which the contract was signed (or in the case of owner builders, where construction commences) on or after 14 October, 2008 and before 1 July, 2009
  • If you are building a new home (referred to as a "newly constructed home"), the construction must commence within 6 months of signing the contract and must be completed within 18 months of commencement
  • If you are buying a new home 'off the plan' (a "newly constructed home"), the contract must specify a completion date on or before 31 December 2010
  • If you are building a new home as an owner builder (a "newly constructed home"), construction must be completed within 18 months of commencement

How do I apply?

Prime Money Matters will help you find the right loan structure and help you maximize the savings.