The Weekly Times’ Barefoot Broker Jason Khoury has advised young couples to take advantage of a government initiative to help them find a home.
“The First Home Owners Grant is a national scheme funded by the states and territories and administered under their own legislation,” he said.
“The grant is a one off tax free payment to first home buyers in Australia that satisfy the eligibility criteria.
“To be eligible, you must be at least 18, you or other applicants may not be a company or trust, at least one of the applicants must be a permanent Australian resident, and you must occupy the residence for 6 months beginning in the first 12 months of settlement.”
The grants were established to assist eligible first home owners to purchase a new home or build their home by offering a grant.
The grant amount is determined by the date of the eligible transaction.
“This is the date of the contract to purchase a new home or contract to build a home,” the State Government advises.
“For an owner builder, the eligible date is when the building work commences.”
From July 1, 2017, the First Home Owner Grant Cap for new home purchases is $600,000.
To find out more visit the Barefoot Broker’s website link at: http://ichoice.com.au/home-loans/first-homeowner-grant