Is the First Home Owners Grant for you?

The First Home Owners Grant seems like a great idea - but is it really for you? The grant helps young people who may not have been able to purchase a home otherwise. However, there are lots of rules and regulations around who is eligible for the grant. So, is it for you? Read on to find out!

Eligibility

There are a few simple qualifiers to check off before moving forward with applying for the First Home Owners Grant:

• You must be at least 18 years old
• You (or a spouse) must not own or have owned property in Australia that you lived in
• You must be an Australian citizen or permanent resident (otherwise be applying with someone who is)

The Home

The home you are buying must be brand new, having never been lived in. Alternatively, you will be eligible if you are building a new home on purchased land. To qualify, the value of your new home and land must be less than $750 000.

Living

You are required to move in to your new home within one year of the transaction being completed. You then must then stay in the home for at least six months continuously, and the home must be your principle place of residence.

Is the Grant for You?

The grant has many rules and regulations that may mean it isn't the best choice for you. A brand new home will often be more costly than one that has already been lived in. Even with the $20 000 grant, you may still not be able to afford a newer, more expensive home. Think carefully about your decision to take the grant or not, because it will not be suitable for every home owner.

NB: The information covered in this post refers to the Queensland First Home Owners Grant