The First Home Buyers Grant is a good way to save money on your property investment. Paying off a home takes years, which is why buyers should consider all their options to keep costs as low as possible. Based on the date of contract, you may be eligible to receive $15,000 or $20,000 towards the purchase of a new house. You may also be eligible if you are building your own home. So how do you know if you are eligible for Australia’s First Time Home Buyers Grant?
Over 18 Years of Age
The first (and simplest) qualifying factor to determine eligibility is age. The grant recipient must be at least 18 years old. There is no age cap, so any legal adult can apply for and receive the First Time Home Buyers Grant. While there are no laws against a minor owning property, there are a few concerns to address including paying maximum tax rates and difficulty enforcing contracts.
First Time Home Buyers Only
Part of the eligibility requirement is in the name of the grant. You must be a first time home buyer in order to qualify. If you are married, then that rule also applies to your spouse. All adults involved in the buyer’s side of the purchase must have never owned their own home in the past.
Legal Australian Citizen or Permanent Resident
You must be a legal Australian citizen or permanent resident. Documentation may be required to prove your status. To expedite the process, new buyers should gather all the necessary documents before they apply for a First Time Home Buyers Grant.
Newly Built or New Residential Home
Some of the guidelines apply to the property you are buying rather than you. According to the official Queensland government website, established residences are not eligible. That would include an existing home that has been lived in before. Homes that are eligible are either newly built (never lived in), in the process of being built or an existing home that was heavily renovated. A renovated property must have remained vacant after the work was finished in order to qualify.
Home Valued at $750,000 or Less
The total value of the property must be estimated at no more than $750,000.
If you meet all the above-mentioned criteria, then you may be eligible to receive the First Time Home Buyers Grant for your Gold Coast house purchase. Contact Seajay Mortgage Brokers to find out more about this money-saving real estate investment opportunity!