First Home Owners Grant Sa
The State of South Australia offers first time homeowners a one-time payment known as a First Home Owners Grant Sa to help them purchase or construct a new residence. Grant payment is made only after an application has been submitted to and approved by Revenues or a bank or other financial institution authorised by RevenueSA. The amount of the grant is for $15,000. Only one payment is paid per property regardless of the number of people purchasing the house.
Eligibility for First Home Owners Grant
There are several requirements that you will need to meet in order to be eligible for a First Home Owners Grant. These requirements include:
- At least one of the applicants must be an Australian resident or have permanent residency. Some New Zealand Visa holders may be eligible for the grant as well.
- You can have owned property anywhere in Australia prior to July 1, 2000
- You must occupy the home you have purchased or had built continuously for at least 6 months
Must occupy the home within 12 months after the transaction is complete or the house is built
- Grant is given only to individuals not trustees or a company
- Applicants must be 18 years or older at the time of the application
- The market value of the home must be $575,000 or less
- Home must be a new fixed dwelling including a single house, duplex, apartment, townhouse or vacant lot you plan to build a residence on.
If you think you qualify for a First Home Owners Grant you can fill out an application online, but it is recommended that you seek assistance of a FHBA mortgage broker.
When applying for the First Home Owners Grant Sa you will need to do the following:
- Fill out all sections of applications
- Must supply the correct direct details of the account you want to grant to be paid into
- The contract for sale and purchase of the home or building contract
- Proof of Identity (various documents will be required)
When You Will Get the Grant Payment
You may be wondering when you will get the grant payment if you meet all eligibility requirements. Here is a look at when normal payment occurs.
- New Off-The-Plan Homes– If you are applying for a grant through an approved agent then you will receive the payment at the date of settlement. If you are applying directly for your First Home Owners Grant then you will receive your grant payment within 5 days after approval.
- Contract to Build- If you have a contract to build through an approved agent then you will receive payment on the date of the first progress payment from the agent. If you make a direct application then you receive your grant payment 5 days after approval following proof that the foundation is laid.
- Owner Builder- If you make the grant application through an approved agent then you will receive payment when appropriate supporting evidence is supplied. If you are making the application directly you will receive payment within 5 days of RevenueSA approving the application you lodge with sufficient supporting evidence.