By Natalie Seaman
17th February 2017
Here in the ACT, the First Home Owners Grant was initially introduced as far back as July 2000 as an initiative by the ACT Government to help young home buyers buy their first home. It has undergone a few changes since then, and as of January 2017 the current grant stands at $7000 for eligible buyers of new or substantially renovated homes. This last bit was introduced in 2013 as a way of stimulating the residential building sector of the economy. Buyers of established properties are not eligible for the grant.
The definition of a new or substantially renovated property is:
• a home that has not been previously occupied or sold as a place of residence; or
• a substantially renovated home that, as renovated, has not been previously occupied or sold as a place of residence; or
• a property which is subject to an “off the plan” purchase agreement.
To be eligible you and your partner/spouse must meet the following criteria:
• Must not have received a First Home Owner Grant anywhere in Australia.
• Must not have previously owned or held a relevant interest in a residential property anywhere in Australia prior to 1 July 2000;
• Must not have occupied a residential property in which they acquired a relevant interest anywhere in Australia on or after 1 July 2000 but before 1 January 2004; and
• Must not have occupied, for a continuous period of at least 6 months, a residential property in which they acquired a relevant interest anywhere in Australia on or after 1 January 2004.
All applicants need to be at least 18 years of age, and at least one person on the application must be an Australian citizen. The grant has a residency requirement, meaning that you must occupy the property you are buying for at least 12 months before selling or renting out the property. There is also a price cap of $750,000 on a property for it to be eligible to purchase under the FHOG scheme.
You can find out more information and download an application form by clicking here.
In addition to the First Home Owners Grant, you may also be eligible for substantial stamp duty concessions via the Home Buyer Concession Scheme. For example, stamp duty for properties priced at $468,000 or under will be capped at $20. For non eligible buyers the stamp duty on a $468,000 property would be $12,180 so that is massive saving of more than $12,100 (Note – figures correct as at 16th February 2017).
For more information on the Home Buyer Concession Scheme, click here.
The good news is that nearly all of the homes available for sale through POD Projects Group fit the new homes criteria set out under the First Home Owners Grant Scheme. Click here to see our current developments where we have apartments, townhouses and villas for sale, all in fantastic locations close to major employment hubs, recreational facilities and entertainment venues.
Getting that initial deposit together can be difficult if you are just starting out, but here at POD we have payment plans available to make it that little bit easier for you. If you are a first home buyer, contact Steve Laughton or Marcus Allesch to find out how they can assist you get into the real estate market and buy your very own home.
0499 364 064
0424 409 873