If you or a family member are looking to purchase a first home, the First Home Owner Grant could be the pathway to reaching a deposit sooner. While this is a national scheme, it is funded and regulated by each state and territory, meaning the terms of this grant differ depending on location.

While eligibility differs between States & Territories, the baseline eligibility within Australia is as follows:

• Applicant must be at least 18 years of age
• Applicant must be an Australian citizen or permanent resident (or applying with someone who is)
• Applicants and/or spouse must not have received the grant previously (exemptions apply)
• A new home is a home that has not previously been occupied or sold as a place of residence

Victoria:

Within Victoria, residents are eligible for a $10,000 grant if constructing or purchasing a new home valued up to $750,000.

Terms:

• The home must not have been previously sold or occupied.
• You must occupy the home as your Principal Place of Residence for at least 12 months of the settlement (or construction completion).

New South Wales:

New South Wales currently offers a grant of $10,000 to use towards buying or building your first home. The grant is for residents buying or building a new home valued up to $750,000.

Terms:

• Applicants must move into the new home as a Principal Place of Residence within 12 months of settlement (or construction completion) and live within the home for a minimum of 6 months

Queensland:

Queensland residents can receive a $15,000 grant to assist them in building or buying a new house, townhouse, or unit. The value of the home (including land) must not exceed $750,000.

Terms:

• Applicants must move into the new home as a Principal Place of Residence within 12 months of settlement (or construction completion) and live within the home for a minimum of 6 months
• You and your partner must not have previously owned property within Australia that was used as your Principal Place of Residence.

Western Australia:

For the residents of Western Australia, a $10,000 grant is available to those purchasing or constructing a new home. The valuation limit on the new home is determined by the 26^th parallel that runs through Australia:

• North of 26^th Parallel: $1,000,000
• South of 26^th Parallel: $750,000

Terms:

• Applicants must move into the new home as a Principal Place of Residence within 12 months of settlement (or construction completion), and live within the home for a minimum of 6 month

South Australia:

Within South Australia, a grant of $15,000 is available to residents that are looking to purchase or construct a new residential property valued up to $575,000.

Terms:

• Applicants must move into the new home as a Principal Place of Residence within 12 months of settlement (or construction completion) and live within the home for a minimum of 6 months.

Tasmania:

Tasmania recently increased its First Home Owner Grant up to $30,000 for applicants who purchase or build a new home prior to 30 June 2022. There are currently no property value restrictions in place for this grant.

Terms:

• Applicants must move into the new home as a Principal Place of Residence within 12 months of settlement (or construction completion) and live within the home for a minimum of 6 months.
• The building must be completed within 24 months of entering a building contract.

Northern Territory:

For the Northern Territory, residents are eligible for a grant of $10,000 to purchase or construct a new home. To access this grant, there is no restrictions on the value of the purchasing home.

Further concessions are available within Australia that can work in unison with the First Home Owner Grant. You can find out more information on the FOHG by clicking here.

At Partners Lending, we pride ourselves on our ability to help clients and their families navigate through their borrowing journey. For more information on the above, and to see how we can assist you with getting approval in place so you can purchase with confidence, contact a lending advisor from Partners Wealth Group today on 1800 333 143.

This information is general in nature and is provided by Partners Wealth Group. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information.