All About First Home Owners Grant In Australia

July 29, 2008 by Mira

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What do the Australian First Home Owner’s Grant, and Police tracking down dangerous criminals, have in common? Both recognize how precious it is to have your own home…

First Home Owner's Grant Australia

It is a commonly known fact that the police team in search of criminals always keep a lookout near their home… Sooner or later the cozy comfort of a home and the love of it’s occupant is bound to drag the criminal back into home.

Such is the great attraction and affection a home generates that even the most stone hearted are compelled to return to it for a moment or two of solace. What better way to encourage responsible citizenship than to provide a safe harbour in which he moors his castle of fantasy?

Moreover, right since the beginning human society in general, and family groupings in particular have always felt the necessity of a shelter which could protect them from natural as well as man made storms.

Always striving to provide his family the much needed fortification the caveman zealously guarded the caves and even befriended the dog to perform the duties for him. Times have changed but the urge for shelter remains, and even today one of the major dreams of any human is to have a home of their own and settle down nicely and enjoy the vagaries of life.

It is not only the individual but also society which has understood and accepted the necessity of providing proper housing facilities to each of its members which would finally lead to a happy and content culture. Governments have taken this up on behalf of society and encourage individuals to construct and enjoy their own home.

The Australian Government too realized the need of a helping hand for its populace as far as home building was concerned and came up with unique promotional and incentive scheme which encourage the people to have a house of their own. The First Home Owner’s Grant scheme was thus created to encourage residence possession and also to create a conducive atmosphere for the industry infrastructure and thus the economy.

No Means-Testing

Coming into effect from July 2000, the First Home Owner’s Grant is an open-ended scheme which helps any first time home owner, irrespective of the price of the house being constructed. Thus one may construct a house worth $50,000 or $1,000,000 the amount of grant remains the same. The First Home Owner’s Grant is not means-tested and neither is it restricted by the cost of the proposed property.

How to Apply for a First Home Owner’s Grant?

The grant can be obtained through a number of lending institutions and banks that are a part of the approved agents list. Infact, the grant also provides the added incentive of an additional payment if certain criteria are met by both the spouses. This is also sometimes referred as the first home bonus. The best part of the scheme is that one is not required to apply separately for the bonus but is automatically entitles to it once the application for First Home Owner’s Grant is submitted.