First home buyers who sign contracts to purchase an existing home between 14 October 2008 and 30 June 2009 will now be eligible for a one off payment of $14,000. For people buying an existing home, this means entering into a contract to buy a home - usually known as the exchange of contracts.
First home buyers who exchanged contracts prior to 14 October 2008 will not receive the additional amount, even if they have not yet settled. They will still be able to receive the existing $7,000 First Home Owners Grant.
Eligibility criteria remain the same as for the current First Home Owners Grant. The current eligibility requirements are:
Must be at least 18 years of age
Must be an Australian citizen or permanent resident
The applicant (or applicant’s spouse) must not have received an earlier grant
The applicant (or applicant’s spouse) must not have previously owned their own home
Must live in the home for at least a continuous period of 6 months, within 12 months after completion of the eligible transaction
The FHOB will be administered by State and Territory Governments, just like the existing First Home Owners Grant. State and Territory Governments will have systems established to process applications under the new rules as soon as possible. Relevant departments in State and Territory Governments will make final decisions on individual applications.
For an established house, the FHOB (and FHOG) is paid in a lump sum upon settlement.
There’s no time to waste. Contact our team now on (02) 9681 4988 to help you find your first home.
At First National Real Estate Merrylands, nothing gets in the way of you and your needs. At First National Merrylands, 'We put your first'.
