It is the aim of all states to help their citizens live on their own home so they offer incentives. One is the most promising options is through the first time home buyers grant. The grant specifically targets those buying their first home or it can even be called a started home. Many countries today are adopting this program.
One of the first countries to adopt this scheme was Australia. Introduced in July 1, 2000, the First Home Owner Grant (FHOG) scheme was introduced to offset the effect of the GST on home ownership. States and territories funded and administered this national scheme under their own legislation.
In October, 2008, the government of Australia announced an incentive to the program to ease the Global Financial Crisis, in order to motivate the housing industry and increase home affordability. The incentive included an extra $14,000 available to first home owners buying or building a new home. It also includes an extra $7,000 for established homes. The plans continued from October 2008 to September 2009.
This plan offers a one-off grant of up to $7000 which is payable to first home owners that satisfy all the eligibility criteria.
Criteria for being awarded the first time home buyer grants are typically based on financial need and income qualifications.
Important features about the first home buyers grant include:
- Like other grants, the first time buyer does not hold any obligation to repay the grant.
- Unlike a loan, the recipient of the grant does not incur any debt or interest.
- Grants can be given out by foundations and governments.
- Grants to individuals can be either scholarships or donations.
If you qualify to the criteria set by first home buyers Grant, you have the best opportunity to have your own home.
