To qualify you must be an Australian citizen or permanent resident who is buying or building your first home. If you have a spouse or defacto, they must also be a first home buyer as well or you will not qualify.
The other main requirement is that it be your principal place of residence and at least one of the applicants must occupy the residence for the first 12 months.
If you apply and are accepted, the grant will be electronically transferred directly to the nominated bank, credit union or building society when:
- The buyer becomes entitled to possession of the home under a contract to purchase (usually at settlement)
- If the first home buyer is building their home and the building is ready for occupation as a place of residency.
In the case of the second option, most lenders are authorised by the State Government to administer the scheme on their behalf and can organise earlier disbursements.
Some lenders will accept the grant as part or even all of the deposit, but many will want to see an additional 5% or genuine savings as a deposit.
In any event, the Federal assistance is most welcome and every State has some additional assistance as well.
If you have any questions about real estate or would like assistance in locationg a property feel free to phone me:
Noel Thompson, Principal Professionals Logan Lifestyles at either:
- Waterford 3299 7733
- Browns Plains 3800 4000
- Springwood 3808 5544
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