Information on Getting a First Home Owners Grant

Author: Bailey

All Australian citizens or permanent residents of Australia who have never bought a residential property before could be eligible for a first home owners grant. The first home owners grant can be used for various purposes such as:

· Paying towards the cost of your new home - this will help first-time buyers to reduce their mortgage payments which can make many new home much more affordable.
· Paying for the cost of legal fees - anyone who buys a property has various legal fees that they need to pay for and a first home owners grant to help to pay for legal fees so that is one less thing to a new, first-time buyer to worry about.
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· Paying for the cost of stamp duty - many properties that are over a certain amount of money require stamp duty to be paid on them and this can be a staggering fee, especially if you did not realise that he would be eligible to pay stamp duty. Using your first home owners grant to pay stamp duty is a good idea to help ease the burden of this costly requirement.
· Paying for building inspections to be carried out on your new property - before a mortgage company will grant buyers a mortgage they usually send out building inspectors to make sure that the property value is correct. Depending on the size of your property and you wish to buy and engage these building inspections can work out quite costly and using your first home owners grant that this is a very wise decision.

These are just some of the different things that you can use your first home owners grant for.
In order to qualify for a first home owners grant you need to meet certain eligibility criteria, otherwise your application is very likely to be turned down.
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Some of those criteria are as follows:
· It should be the first time that every applicant is eligible to receive a first home owners grant.
· None of the applicants should have ever owned a residential property before.
· A minimum of one of the applicants for a first home owners grant has to be either a permanent Australian resident or an Australian citizen. All relevant paperwork to support this will also be needed to be provided along with your application.
· Every applicant for a first home owners grant needs to be resident in their new property within 12 months of the building being completed for the settlement on the property.
In addition to this anyone looking to apply for a first home owners grant also needs to fill in the relevant paperwork and if they need to be sent back to the correct Revenue State Department.
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Once this has been received an official will look over the application for a first home owners grant and will then make contact with the applicants to discuss the application further. As soon as this has been done and your first home owners grant has been approved your payment will be sent to you.

Article Source: http://www.articlesbase.com/finance-articles/information-on-getting-a-first-home-owners-grant-862890.html

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First Home Grants website provides useful information about first home owners grant , first home loan options and many other helpful tips and guides.