If you’re a first home buyer and you’re buying or building a new home, you may qualify for a $10,000 grant under the First Home Owner Grant (New Homes) scheme if you purchase date was on or after 1 January 2016.
You can make a claim for the First Home Owner Grant if your:
newly constructed home or a substantially renovated home has a total value less than $600,000
land for building and any dwelling you intend to build has a combined value less than $750,000.
To receive the grant when you buy your home:
you must be an individual, not a company or trust
you must be over 18
you, or at least one person you’re buying with, must be an Australian citizen or permanent resident
your purchase date must be on or after 1 January 2016.
Generally, you won’t be eligible for the First Home Owner Grant if you or your spouse:
have previously owned or co-owned a home in Australia, or
have received an Australian first home owner grant.
You may still be eligible if you purchased a residential property after 1 July 2000 and didn’t live in it for more than six continuous months.
HomeBuilder will provide eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home where the contract is signed between 4 June 2020 and 31 December 2020. Construction must commence within three months of the contract date.
All dwelling types (house, apartment, house and land package, off the plan) are eligible under HomeBuilder.
HomeBuilder will complement existing State and Territory First Home Owner Grant programs, stamp duty concessions and other grant schemes, as well as the Commonwealth’s First Home Loan Deposit Scheme and First Home Super Saver Scheme.
The First Home Loan Deposit Scheme is an Australian Government initiative to support eligible first home buyers purchase their first home sooner.
Usually first home buyers with less than a 20 per cent deposit need to pay lenders mortgage insurance. Under the Scheme, eligible first home buyers can purchase a modest home with a deposit with as little as 5 per cent (lenders criteria also apply). This is because NHFIC guarantees to a participating lender up to 15 percent of the value of the property purchased that is financed by an eligible first home buyer’s home loan.
There are currently 27 participating lenders across Australia offering places under the First Home Loan Deposit Scheme.