The First Home Buyers Grant, is a state government effort designed to help people in purchasing their first home. Apart from the First Home Buyers Grant, there are also numerous First Home Buyers Help plans and the Home Buyer Concession Scheme (HBCS), which are created to assist people to buy residential land or home by charging transfer duty or stamp duty at a concessional rate.

Eligibility required for the First Home Buyers Grant?

The eligibility requirements differ between states. Therefore it is important to verify with your lender when you apply for a mortgage loan. But, generally, you may be entitled to the grant when you:

You need to be at least 18 years old.
You need to be an Australian citizen or permanent resident.
You and your husband or wife mustn't have previously held property in Australia which you resided in.
You need to be purchasing or building a new home.
You need to shift into the new home as your primary place of residence within one year of the accomplished deal and stay there regularly for six months.

You may apply for the grant in two methods: either by making the application yourself via your state authority or considering your home mortgage lender to make the application for you. The grant is generally paid to your mortgage lender during the time of settlement and applied instantly to your home loan. In case you are constructing a house, the grant will be approved whenever your first loan repayment is due.

Grants and Concessions Available for Each State?

As a way to motivate Australians to pursue owning a home, local and state governments of Australia have offered grants for first home buyers. First Home Buyers Grant a national plan backed by states and territories, was released in 2000, and while every state does things a little bit differently, a well informed first-time buyer will definitely want to take advantage of it.

Here you can find state government first home buyer website for the full details:

ACT First Home Buyers Grant
NSW First Home Buyers Grant
NT First Home Buyers Grant
QLD First Home Buyers Grant
SA First Home Buyers Grant
TAS First Home Buyers Grant
VIC First Home Buyers Grant
WA First Home Buyers Grant

While various states have their own policies about First Home Buyers Grant, there are basic qualification needs first home buyers must fulfill in order to make their applications.

Can you use the First Home Buyers Grant as a deposit?

Yes, you are able to use the First Home Buyers Grant as a deposit.
If you're constructing a home then your grant isn't available until construction starts. Overall, you'll generally need 5% to 10% of the purchase price, such as the First Home Buyers Grant.