$7000 First Home Owners Grant
If you are buying your first home and plan to live in it yourself, you can take advantage of the Government's $7000 First Home Owners Grant.
We can make it easy for you to apply for your Grant as well as arrange prompt payment for you. There are many benefits should you decide to contribute your $7,000 to your home loan. By reducing the overall amount of your loan:
- You can save interest on your loan
- The amount of mortgage insurance you need to pay may be less
- You can reduce your minimum monthly repayments
$7,000 can go a long way!
Here's an example (1):
- If you purchased a home worth $280,000, and borrowed $240,000, your monthly repayments would be $1761.03.
- If you used your $7000 Grant to reduce your loan to $233,000 this would bring your monthly repayments down to $1709.67. That’s a monthly saving of $51.36 or approximately $11,490 in interest over the life of the loan.
- Alternatively, you could use the $7,000 Grant to help cover the additional costs you need to budget for when buying a home such as stamp duties, legal fees, pest & building inspections.
Are you eligible for the First Home Owners Grant?
If you answer yes to all these questions, then you may be eligible for the $7,000 Grant.
- Will this be the first time each applicant and/or spouse could receive a grant?
- Each applicant and/or spouse has never owned residential property, either jointly, separately or with some other person, prior to 1 July 2000?
- Each applicant and/or spouse has never owned residential property, in which they have resided, either jointly, separately or with another person on or after 1 July 2000?
- Is each applicant a natural person (that is, a person not a company or trust)?
- Is at least one applicant a permanent resident or Australian citizen?
- Will all applicants be occupying the property as their principle place of residence within 12 months of either settlement or completion of construction?
- Has each applicant on or after 1 July 2000 entered into a Contract of Sale or Agreement for the purchase of, or building of, a home? In the case of owner-builders, construction of the home (laying of the foundations) must have commenced on or after 1 July 2000.
Want to talk to us about your Home Loan options?
Book a meeting with one of our lenders, and we'll call you back to set up a time that's convenient for you. A mobile lender can come to you, or if you'd prefer, meet with a lender in one of our branches. If you’re not quite ready to meet with a lender, you can still make an enquiry, and we’ll call you back within 24 hours (or the next working day).
Notes
- Information provided on this site is a guide only. Examples based on a $240,000 home loan over 30 years at a variable interest rate of 8.00%p.a. Home loans are available to approved applicants. Fees and charges are payable. Rates, fees and charges are subject to change. Full details of terms and conditions available on request. You may be charged an early repayment fee if you deposit the Grant into your loan during any fixed rate period.
