First Home Owner Grant
Tuesday November 11, 2008
Those taking out a home loan for the first time may be able to receive the First Home Owner Grant. This grant is available only to those who are buying a home for the first time and it offers different amounts of aid depending on the type of property you will be purchasing.
First home buyers who purchase an already established home currently receive a $14000 First Home Owner Grant. This is doubled from the previous $7000 grant in order to help ease financial pressures on first home buyers during this difficult financial period.
First home buyers who build a new home or purchase a newly constructed home will receive $21000. This difference in grant amounts is designed to address a shortage of homes by encouraging new home owners to establish new properties that can be made available again in the future, while not taking up any existing properties now.
There are eligibility requirements that vary by State, so be sure to look for the specific requirements you must meet if you are to receive the First Home Owner Grant.
Please visit our comparison page if you would like to compare home loans and mortgages or to find a lender to provide you with a home loan.