Things to Consider so That you Qualify for a First Home Owners Grant
There are various ways that you can own your first home affordably and one of those ways is by applying for a home owners grant. Applying for the grant is something that you need to do incase the amount of money that you have is not enough. The qualifications that you need to meet so that you are able to qualify for the grant are briefly highlighted below.
In order to take advantage of the first home owners grant it is important that it is your first property. Since the grant was designed for first time home owner, it is important that you should not have owned or partially owned property before. It is also important that the property be the first one for your spouse as well when you are buying it with them.
Make sure that you are also keen on the type of property that you are looking to invest in as well. To qualify for the grant, the property that you are looking to invest in needs to be brand new and one that has not been lived in before. Since you are looking for completely new houses you need to keep an eye for houses that have been renovated since you are sure that you will not be able to qualify for the grant with them.
Since you can only get the grant if your home is at a specific value then you also need to check the value of the house as well. As you look for property, it is important to ensure that the property is within the value that is expected. Incase you are looking for property, it is important to ensure that it is within the expected value as well so that you qualify for the grant.
The home that you are purchasing needs to be yours and you need to also show that you are going to live in it as well so that you qualify for the grant. Essentially the grant promotes home ownership and you need to show that the home that you are investing in is yours and you will at least live in it for six months consecutively. Not doing so is something that can attract a heavy penalty and it is therefore important to make sure that you update your address and have plans of living in the home.
In order to qualify for the grant, you need to show that you are of age and that you are also a resident. There is also need to show that the grant is your first and you need to show that you have not received another grant before. When you are not keen on following the rules, the grant is something that can be taken off you and it is important that you learn what is required before applying for the grant.