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All You Need To Know About First Home Owner Grant

Many people wish or dream of buying their first home. It is a dream for many, but sometimes, people are unable to fulfil this dream due to a lack of finances. If you are also in such a situation, you do not need to fret as you can apply for grants provided by the government. The Australian government offers grants for first-time homeowners to help them buy their first home and make their dreams come true. You can also check if you are eligible for this grant and apply for the same. Consult your trusted finance broker in Brisbane to help you with the process. This blog will help you understand everything you need to know about First Home Owner Grant. 

What Is The First Home Owner Grant? 

The Australian government has announced the First Home Owner Grant for people interested in buying their first home. It is a one-off payment grant to help eligible people to avail the benefits of this grant. The eligibility criteria for the grant are provided further in the blog. Those eligible can get a grant of $15000 to $30000, and the grant is effective from 20 November 2023 and will continue till 30 June 2025. To get the grant, it is essential that the property is brand new, and its value should be below $750,000. Like any government scheme, this scheme also has exclusions and conditions you must know before applying. Thus, you must consult business finance brokers in Brisbane to understand the process and your eligibility. 

Eligibility For First Home Owner Grant?

The following points will help you understand whether you are eligible for the First Home Owner Grant.

  • Age 18 years or above.
  • Grant is for a person and not for a trust or company.
  • You are eligible if you are Australian Citizens or permanent residents of Australia. You can also apply for this grant with someone having Australian citizenship.
  • This is your first time applying for the First Home Owner Grant; you or your spouse can only apply for this grant once.
  • You must not have any owned property that you have lived in in Australia.
  • You must apply for the First Home Owner Grant within 12 months of the completion date. 
  • If you have received the grant previously from any Australian jurisdiction, you are not eligible for this grant. 
  • Residential properties owned before 1 July 2000 anywhere in Australia.

To understand the eligibility, you should consult a finance broker in Brisbane to help you throughout the grant process as per your specific requirements. 

Application Process For First Home Owner Grant

You can apply for this grant from a government office such as QRO (Sydney Revenue Office) or from an authorised and approved agent. To apply, fill out the application form and submit it to a government office or a government-approved institute. 

If applying through a government office, upload all your documents on the official website. If you are applying through an agent or institute, they will look after the application hassle. Applying through agents can help funds be released early.
So, if you want to buy your new home, consult an expert business finance broker in Brisbane. They can help you understand the process of getting the grant and guide you throughout the process. Contact Finguard Finance, your trusted partner, for all your financing needs.

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