Last updated on November 20th, 2020 at 10:58 am
There are a few certain milestones in life that come with a large price tag and purchasing your first home is one of them. Buying your first home is a big decision to make, and it can be equal parts exciting and daunting.
If you’re on the hunt for your first property, it pays to do some research on the grants and other concessions available to you before taking the plunge. In this article, we shed some light on First Home Owner Grants in both ACT and NSW to help you get a foot in the property market.
The consideration of where your home is located depends on your circumstances, your career and can have a substantial effect on your ability to meet current and future needs. Making the decision as to where your home is located will mean that your First Home Owner Grant will vary from NSW to ACT.
The Australian Government’s criteria into being eligible for the First Home Owner Grants is extensive, so be sure to do some additional research. It’s also important to note in both states/territories, that to be eligible for this grant you must be considered an owner-occupier, meaning you intend on living at the property, not capitalising on it through investment.
The ACT’s First Home Owner Grant provides $7,000 financial assistance to eligible purchasers once the contract is signed and exchanged (not the settlement date) and if you are an owner-builder, this commences from the day you start building.
Requirements to be considered include:
Would you like to know more about eligibility for the ACT First Home Owner Grant? Visit the ACT Revenue Office’s website here.
The NSW’s First Home Owner Grant also provides $7,000 financial assistance to individuals if:
More information can be found on the NSW Government’s Revenue website, here .
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