Les&Babs

Home owners grant

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    Hi all,

    Can any one confirm that the following still applies,

    When you buy your first home you are entitled to the First Home Owners grant $7000 and also entitled to the First Home bonus grant $4000.

     

    Regards

     

    Les

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    Hi Les

     

    Yes if eligible ie permanent resident and not owned Australian property before etc you may entitled to the First Home Owners Grant which is currently $7,000.

     

    The First Home Owners Bonus Grant is an additional $4,000 if the property is purchased for under $400,000, this reduces on a sliding scale and phases out completely when the property value reaches $450,000.

     

    Regards

     

     

    Andy

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    Hi Les

     

    Yes if eligible ie permanent resident and not owned Australian property before etc you may entitled to the First Home Owners Grant which is currently $7,000.

     

    The First Home Owners Bonus Grant is an additional $4,000 if the property is purchased for under $400,000, this reduces on a sliding scale and phases out completely when the property value reaches $450,000.

     

    Regards

     

     

    Andy

     

    Hi Andy,

     

    Hope you and Stacey are well?

     

    How does this work then, does the money get issued to the bank to come off the mortgage or does it get sent to you on completion of the paperwork to help with deposit or neither?

     

    Sorry but I am a bit naive on this side of things.

     

    Look forward to hearing from you x

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    Hi Andy,

     

    Hope you and Stacey are well?

     

    How does this work then, does the money get issued to the bank to come off the mortgage or does it get sent to you on completion of the paperwork to help with deposit or neither?

     

    Sorry but I am a bit naive on this side of things.

     

    Look forward to hearing from you x

     

    Hi,

    You are paid the grant when you have completed the purchase of your home,

    You have to put a claim in for the grants and they are paid as one lump sum.

    I believe it is sent to you and you can do what you like with it.

    The figures I have quoted are for buying an already built home , You get a larger grant if you buy a brand new home.

     

    Regards

     

    Les

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    Hi Cornelia

     

    We are good thanks, you?

     

    If you are getting a mortgage and using a Bank they are approved agents with Revenue SA and have the money sent to them.

     

    They will inform the Conveyancer what funds they are providing for the purchase ie mortgage funds and grants. The Conveyancer will then inform you what you need to pay to cover the difference between the mortgage/grants and purchase costs.

     

    So for example if you are buying a house for $400,000 and have a 20% deposit the following applies:

     

     

     

    $320,000 mortgage = 80%

     

    $80,000 deposit = 20%

     

    $20,000 approx costs = 5%

     

    = $100,000 Your costs & deposit

     

    less $7,000 First Home Owners Grant

     

    less $4,000 First Home Owners Bonus Grant

     

    = $89,000 payable by you on settlement/completion.

     

     

    Hope this helps?

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    Hi,

    You are paid the grant when you have completed the purchase of your home,

    You have to put a claim in for the grants and they are paid as one lump sum.

    I believe it is sent to you and you can do what you like with it.

    The figures I have quoted are for buying an already built home , You get a larger grant if you buy a brand new home.

     

    Regards

     

    Les

     

     

    Hi Les

     

    If you are obtaining a mortgage to purchase an established home then generally the Banks want you to lodge the grants through them and for it to be used upon settlement.

     

    If you do not require a mortgage then you can apply for the money after the settlement within cetain timeframes and have it sent to you to do with what you will.

     

    However it would probably make sense to have the money in time for the settlement transaction so that it reduces the buying costs ie stamp duty etc.

     

    With regards to larger grants (First Home Owners Boost) when buying a brand new home this ceased just after 31 Dec 2009 and the Grants are now the same as they are for established homes.

     

     

    Regards

     

    Andy

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