You are eligible for the current first home owners grant of $10,000 if you build a new home and if you or your spouse / domestic partner have never owned property. You must also be an Australian citizen who will be over the age of 18 at the time of settlement or completion of construction who intends to live in the property for 12 months or more.
The first home owners grant was an initiative set up by the government to offset the stamp duty on home ownership and commenced on July 1st, 2000. If you live in Victoria, you can obtain a copy of the First Home Owner Grant application form through the State Revenue Office; however most financial institutions have this information available as well.
When applying for the First Home Owner’s Grant it is important to remember that if you are buying or building a new home valued at $750,000 or more, you will not be eligible for the first home owners grant.
If you, or your partner, have already used the First Home Owner’s Grant scheme and require government assistance in purchasing future property, there are some exemptions allowing for stamp duty reductions. To check your eligibility head to the following link or contact a financial advisor.
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