Understanding the First Home Buyers Grant in Australia in 2016

Understanding the Australian First Home Buyers Grant

Buying your very first home would be an even more expensive life choice if you didn’t have access to government grants, particularly the first home buyers grant. Understanding how much money you should get to help you with the purchase and whether you’re even eligible can give you an idea of the house prices that you should be looking into.

The Differences in Australian Jurisdictions

The total value that first time home buyers get will differ depending on the various jurisdictions throughout Australia. Mainland territories and states will be able to choose from 2 separate options during the application process. You can either go through a chosen financial institution to fill out the application and get your mortgage or you can fill the application out on your own and file it appropriately to see if you qualify for the first home buyers grant.

Supplementary Documentation

During the application process there will be the need for supplementary documentation so that they government can confirm your identity and your need for a first home buyers grant. This may include the contract of sale, proof of your identity, and/or the contract to build.

How is the Grant Distributed?

In the event that you decide to go through a financial institution to see if you are eligible and you get approved, you’ll get your grant when the settlement for the property comes along. You won’t have access to the money beforehand. This also applies to any property owners that are interested in building their first home as you’ll get the payment during the first construction progress update.

If you have chosen to go through the government on your own without the help of a bank, you’ll have the funds deposited into your bank account directly as soon as you are approved for the grant. This only occurs once the sale of the house has been completed, so it can be seen as a reimbursement.

How Much Money Do You Receive?

As mentioned, the value of your first home buyers grant depends on the state that you live in. More information about the Great Start Grant in Queensland can be found here. A $15,000 Great Start Grant in Queensland can help you if you're thinking of buying or building a new home, this could be what gets you started. It could give you leverage to buy or build something more than you were expecting. It can get you into your first home sooner.