Using Your First Home-Owners Grant with Abodable

June 07 2021
By Abodable

So you’re ready to buy your first home, congratulations! We’re here to make it even easier for you. There are so many things to look into when it comes to buying a home. You’ll soon learn the meanings of stamp duty, mortgage repayments, insurance, council rates, body corporate and more. But before you get to that, if you’re a first home owner you may be eligible for a government grant known as the FIrst Home Owners Grant.

First things first, what is the First Home Owners Grant?
The First Home Owners Grant is an initiative that was introduced in 2000 to offset the effect of GST on home ownership. It’s a one-off grant that is available to first home owners that meet the eligibility criteria. The grant is funded by each of the state governments, so exact details may vary from state to state.

What are the eligibility requirements for the First Home Owners Grant, and how much is the grant?
This varies from state to state. Eligibility is not means tested, so your income doesn’t come into play. At the time of writing, the below details were correct, but check the link provided for your state to see current details.

NSW
Grant value: $10,000
More information here.

NT
Grant value: $10,000
More information here.

QLD
Grant value: $15,000
More information here.

SA
Grant value: $15,000
More information here.

TAS
Grant value: $20,000
More information here.

VIC
Grant value: $10,000 urban, $20,000 regional
More information here.

WA
Grant value: $10,000
More information here.

ACT
In the ACT the First Home Owners Grant has been replaced by the Home Buyer Concession Scheme.
More information here.

Can I use the First Home Owners Grant when I purchase a home with Abodable?
Of course! So long as you and the property meet the eligibility criteria you will be eligible to receive the grant.

If I use the First Home Owners Grant towards my deposit, does that mean I can’t use the Abodable rebate?
This is the best bit. Every property listed on the Abodable website includes the Abodable rebate. If you are a first time home owner and are eligible for the First Home Owners Grant, this means you will get the Abodale rebate AND the First Home Owners Grant. In some instances, you may be able to use both of these towards your initial deposit. One of our customers had saved $5,000, his Abodable rebate was $25,000 and the First Home Owners Grants was $10,000. This meant he had $45,000 towards his $430,000 house (more than 10%!).

Are you ready to buy your first home? Check out our latest listings in your area! Can’t find a suitable property in your area? Get in touch! We can start speaking with builders in your area.