If you have never owned residential property in Australia before, you may be eligible for a First Home Owners Grant to assist you in the purchase of your first home.
As of 1 January 2015, there will be no First Home Owner’s Grant on existing homes. $26,000.00 for a new property or land and contract to build to offset stamp duty costs. The First Home Owner Grant (FHOG) scheme is a once off grant to first home buyers. The grant is not means-tested, nor is it restricted by the purchase price or construction cost of the home.
To be eligible for the grant you must, amongst other things:
be over 18 years of age;
at least one applicant must be an Australian citizen or permanent resident;
have never received the grant before;
within one year of buying the property, move in and live in the property as your principal place of residence for at least six months.
This application is normally made through your Lender with the funds are available at settlement. The exception is if you are building in which case they are paid after the foundations are laid.