Here's the fine print that applies in most – though not all – areas in Australia:
- You must be an Australian citizen or permanent resident buying or building your first home in Australia.
- The property you buy must be a recognised house, unit or flat specifically designed for people to live in.
- You or your partner must not have purchased a property in Australia before.
- You must occupy the home within 12 months of settlement – or within 12 months of building completion if it's a newly built home.
- You must apply for the grant within 12 months of settlement or building completion.
- Contracts must be exchanged between the buyer and seller before the cut-off dates, and the money is paid at the time of settlement.
Visit Firsthome.gov.au for information specific to your state of purchase.
To better understand your borrowing options please contact Elite Finance Professionals on 0437 404 445, for an obligation-free assessment of your situation.