How Much Is The First Home Owner Grant?
The First Home Owner Grant is a government scheme that was introduced in 2000 and after an increase in 2008-09, it has returned to its original figure of $7,000. It’s a one-off payment for eligible first home buyers who purchase or build a residential property to live in.
How does it work?
While the basic $7,000 grant applies across all states, some states and territories also provide their own additional grants and stamp duty subsidies, including additional benefits for new construction and new homes in regional areas.
The grant amount, eligibility criteria and payment details of First Home Owner Grants vary between states and territories, so it’s important to check with your home lender when you apply for a home loan. Usually, you may be eligible if you:
- Are a permanent resident or citizen of Australia
- Have never received the grant or owned residential property
- Are the minimum age set by your state or territory
- Are buying a new or established home as an individual (not a company or trust)
- Will live in the residence for the minimum time determined by your state or territory (the grant is not available on investment properties)
- Apply for the grant within 12 months of settlement.
The grant is usually paid at the time of settlement to your home lender and applied directly to your home loan. If you are building a home, the grant will be approved when your first loan repayment is due.
Some state and territories have additional grants for first home buyers who purchase or build a home, especially in regional areas.
Click here to download First Home Owner Grant information for each state.