The Scheme applies to new homes only and will reduce to $10,000 on 1 January 2016. The First Home Owner Grant of $15,000 applies to new or substantially renovated properties for transactions dated on or after 1 October 2012, this includes:
- a home that has not been previously occupied, including occupation by the builder, a tenant or other occupant.
- a home that has not been previously sold as a residence. Where the home is being purchased, it must be the first sale of that home
- a home that has been substantially renovated and a home built to replace demolished premises.
There are also a number of eligibility requirements that must be fulfilled, one of which is a price cap of $750,000 for contracts dated after 1 July 2014.
My First Place cannot provide an indication regarding your eligibility to a First Home Owners Grant. For eligibility please look to your specific state’s First Home Owners Grant page, or contact your state government department (contact details are found in First Home Owners Grant Resources).