Bailey
A first home owners grant is a grant that was introduced to Australia on 1 July 2000 and it is a one-off payment is made to any Australian citizen who is applying to buy their first house. At this moment in time a first home owners grant can be up to $21,000 (this is for first-time buyers who are looking to either by a newly constructed property or need help with constructing their own property). There are however some properties which are not covered by the first home owners grant such as house boats and caravans – these grants are also not available for purchasing vacant land on which to build a new property or for renovating an existing property. A first home owners grant can help a person or couple in plenty of other ways such as:
· Using as a payment towards the total cost of a new house. For example if your new home costs $200,000 you could use your $14,000 grant to take the cost of your home down to $186,000. This will then make mortgage repayments much lower and therefore more affordable for first-time buyer, so you could be able to afford a bigger house for well within your price range.
· You can also use your first home owners grant towards the cost of building a new property, and those who are eligible for this type of first home owners grant can usually get the maximum allowed ($21,000) to put towards this building. With this in mind the grant can drastically help to cut down costs on building your new home, you are also able to use it towards the cost of a newly built home.
· If you have stamp duty to pay on your new property you can use money from your grant to pay for this, and depending on how expensive your house is this can run into thousands of dollars.
· Or you could choose to use your first home owners grant to pay towards any legal fees incurred during the purchase of a new property.
· Similarly you could also use money from your first home owners grant to pay for building inspections if they are needed, something which can work out to be very expensive especially if you are buying an older property which will need extensive inspections before your mortgage company will agree to a mortgage.
· Some people even find that when they move into a new property they need to have inspections carried out and your first home owners grant can even be used towards this explains also.
As you can see a first home owners grant can really help first-time buyers to take those first steps on to buying a new property and secure a new home for themselves. To qualify at least one of the applicants buying a new house needs to be an Australian citizen or a permanent resident within Australia and none of the applicants can have owned their own residential property in the past.
A first home owners grant is a grant that was introduced to Australia on 1 July 2000 and it is a one-off payment is made to any Australian citizen who is applying to buy their first house. At this moment in time a first home owners grant can be up to $21,000 (this is for first-time buyers who are looking to either by a newly constructed property or need help with constructing their own property). There are however some properties which are not covered by the first home owners grant such as house boats and caravans – these grants are also not available for purchasing vacant land on which to build a new property or for renovating an existing property. A first home owners grant can help a person or couple in plenty of other ways such as:
· Using as a payment towards the total cost of a new house. For example if your new home costs $200,000 you could use your $14,000 grant to take the cost of your home down to $186,000. This will then make mortgage repayments much lower and therefore more affordable for first-time buyer, so you could be able to afford a bigger house for well within your price range.
· You can also use your first home owners grant towards the cost of building a new property, and those who are eligible for this type of first home owners grant can usually get the maximum allowed ($21,000) to put towards this building. With this in mind the grant can drastically help to cut down costs on building your new home, you are also able to use it towards the cost of a newly built home.
· If you have stamp duty to pay on your new property you can use money from your grant to pay for this, and depending on how expensive your house is this can run into thousands of dollars.
· Or you could choose to use your first home owners grant to pay towards any legal fees incurred during the purchase of a new property.
· Similarly you could also use money from your first home owners grant to pay for building inspections if they are needed, something which can work out to be very expensive especially if you are buying an older property which will need extensive inspections before your mortgage company will agree to a mortgage.
· Some people even find that when they move into a new property they need to have inspections carried out and your first home owners grant can even be used towards this explains also.
As you can see a first home owners grant can really help first-time buyers to take those first steps on to buying a new property and secure a new home for themselves. To qualify at least one of the applicants buying a new house needs to be an Australian citizen or a permanent resident within Australia and none of the applicants can have owned their own residential property in the past.