A first first home buyer grant (or first homeowner grant) is a special grant to/targeted at those who bought their first home - perhaps a beginner's home. Like other grants, first-time buyers have no obligation to pay back the grant. In this case, it is different from the loan and does not incur debt or interest. Grants may be awarded by foundations and governments. Grants to individuals can be either scholarships or donations.
First-time home buyer grants are usually awarded based on several criteria, especially financial needs and income qualifications. However, in countries like Australia, it is granted.
Many countries have embarked on a grant program to help lower people's income by purchasing their first home. The US Department of Housing and Urban Development (HUD) also provides grants to first-time home buyers. Funding for different states is first time home buyer grant is almost always available. In fiscal 2006, only two countries spent their budgets on first-time home buyer grants.
Video First-time home buyer grant
Australia
A similar program called First Home Owners Grant (FHOG) was introduced in Australia on July 1, 2000, where first-time home buyers can receive $ 7,000 once payments to offset GST costs. Although the program is nationally offered, the scheme is funded by states and territories and is subject to their respective regulations.
First Home Owner Boost
In October 2008, the Australian government announced a push for a scheme to reduce the Global Financial Crisis, to stimulate the housing industry and shore up the market. The stimulus consists of $ 14,000 available to first-time buyers buying or building new homes, and $ 7000 is available to those who buy their first established home. This scheme continues from 14 October 2008 to 30 September 2009.
Between 1 October 2009 and 31 December 2009, the grant was reduced by half. Those who buy or build new homes are eligible for $ 7000, while those who purchase already-established homes are eligible for a $ 3500 grant.
From 1 January 2010 onwards, the Commonwealth scheme is over. However, first home buyer assistance is forwarded through a nationally funded Home Owner Grant, valued at $ 7,000 for new and existing properties.
During the budget announcement for 2011 to 2012, the QLD Government announced an additional 10,000 QLD Building Enhancements for new homes, townhouses and units for contracts from August 1, 2011 through January 31, 2012. QLD Building Enhancements are eligible for first home buyers, invader owners and investors buy or build a new home. The total value of the new home should not exceed $ 600,000 to receive the grant. The goal by the QLD Government is to encourage the construction industry that has seen declining demand throughout the year.
The QLD State Government on Tuesday 14 February decided to extend Qld Building Boost for the next 3 months. The new ending date for Qld Building Enhancement is April 30, 2012. Australian Loan Building
The first Rebuilt Home Building Contractor kicked off on September 12, 2012 for a property valued at up to $ 750,000 in Queensland.
Change: $ 15,000 for first-time home buyers New property and beyond the applicable plan from September 12, 2012 at Qld. The $ 7000 QLD grant for first home buyers of an existing property will be removed from October 12, 2012. The new $ 15,000 QLD grant applies to newly built homes, or off-the-plan purchased properties To be eligible, first home buyers must: property as a primary residence in QLD within one year of ownership and stay there for at least six months Not selling the property within a year of moving. Buy or build on properties worth less than $ 750,000. $ 15,000 first home buyer grants
The state government of NSW as part of its budget review for 2012 to 2013 raised First Home Ownership Grants in NSW to $ 15,000 but took a sealed concession for established homes from first home buyers. More than double the First Home Owners Grant in NSW to $ 15,000 starting from July 1, 2012 and will continue throughout 2013 with First Home Owners Grant in NSW reducing up to $ 10,000 by 2014. For home buyers not a first grant for $ 5,000 available [1].
Feasibility
The eligibility criteria for the first homeowners grant in Australia are as follows:
- Applicants must buy their first home or build their first house
- Every applicant must apply as a person and not a company or trust
- At least one of the applicants must be a Permanent Resident (New Zealand citizen get a PR automatically) or an Australian citizen
- Each applicant must be at least 18 years of age
- At least one of the applicants must use the property as their primary residence for 6 consecutive months within 12 months of completion of purchase or construction of the house
- All applicants and their spouses or partners should not have residential properties in Australia before July 1, 2000
- All applicants and their spouses or partners should not have residential properties in Australia after 1 July 2000, and occupy them for 6 consecutive months
- Every applicant must enter a purchase contract to buy a house or sign a construction contract after July 1, 2000
- The total value of the house is no more than the grant amount
Maps First-time home buyer grant
See also
- Home ownership in Australia
- Australian property bubble
References
External links
- First Home Owner Grant
- First time home buyer gives
Source of the article : Wikipedia
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