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HOW the First Home Owner Grant can help you
There really has never been a better time to be a First Home Buyer when it comes to government assistance.
There are four main aspects to the First Home Owner Grant scheme that may be applicable to you and that can be of substantial assistance to help you buy your first home. The scheme is federal but is administered by the State Revenue Office in each Australian state.
First Homer Owner Grant
The First Home Owner Grant provides eligible first home buyers with a $7000 grant. For contracts entered into on or after 1 January 2010, the grant will only be payable where the price of the property or construction of the home does not exceed $750,000. An exception to this requirement is where the contract relates to a home that is on, or to be built on, primary production land.
To be eligible for the First Home Owner Grant you (and your spouse/partner) must NOT have already received a grant OR have owned (or had any ownership) in a property (in any Australian State or Territory) prior to 1st July 2000.
To learn more about eligibility and claiming your grant, please contact us.
First Home Bonus
If you qualify for the First Home Owner Grant, you may also be eligible for the First Home Bonus. Under this bonus, an extra payment is made to you at the time you apply for your First Home Owner Grant.
Bonus amounts vary depending on WHEN you purchase your property and HOW MUCH your property costs.
If you are eligible to receive the Grant, you may also be entitled to receive an additional payment of $13,000 (for new homes only), known as the First Home Bonus (the Bonus) .
Accessing the First Home Bonus may impact your eligibility to access pensioner or family expemptions or concessions (as you are able to claim one or the other but not both). 1 July 2010 to 30 June 2012 (contract date)
If you have any questions at all about the First Home Bonus give us a call on 1300 556 840 or contact us via email and we can talk through all of your options
Regional Bonus
For contracts entered into for the purchase or construction of a new home in a regional municipality in Victoria, an additional $6,500 regional bonus is also available (in addition to the $13,000 bonus).. 1 July 2010 to 30 June 2012 (contract date)
Amounts range from $3,000 to $4,500 depending on the date of your contract.
We urge you to act quickly on this front. Contact us to find out just what you are eligible for, enjoy the financial benefits of the First Home Owner Grant scheme and get into your first home!
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