Resources: Buying First Home

Eligibility for the first home owner's grant from the federal government is applicable to first home buyers buying existing homes and those being constructed. Houses, townhouses, apartments, flats and units all qualify for the grant as long as it we will be your principal place of residence.

The grant is issued through each state and whilst some rules differ between them, there are some conditions that must be satisfied regardless. Those rules include:

1. You must have Australian citizenship or permanent residency.

2. You must be at least 18 years of age.

3. The grant is not available to companies or trust purchasing property.

4. The property being purchased must be the first residence by the individual or joint applicants making the purchase; that is they may not have owned property before or received a grant.

5. You are required to use the property as your principal place of residence (you cannot receive the grant for investment properties). You also must make the property your place of residence within a year.

Some states allow for some leniency in the rules whilst some even offer further grants and benefits to help lessen the burden of stamp duty.  Please contact or visit the websites of your State Revenue Office for further details and to obtain an application for the grant.  Only one application is needed, even if there are joint applicants.

For further eligibility checklists go to the First Home Owners Scheme Web site at http://www.firsthome.gov.au/.