Grant for First Time New South Wales Home Buyers

If you're a first time home buyer in New South Wales, Australia, then you should be glad that there's something called the "First Home Owner Mortgage Loan Scheme" to help you out. Created by the New South Wales Government, this project gives assistance to those who are interested in purchasing a house for the first time. As long as you meet the qualifications dictated by the government, you can instantly qualify for a tax-free amount of $7000.

The amount is given strictly to individuals applying for this mortgage for the first time. Your income does not factor in your eligibility, but you should be 18 years old or older, and you must be an Australian citizen or a permanent resident to qualify. In addition to this, you must not have owned a piece of property anywhere in Australia, whether alone or with another individual after the date of July 1, 2000. Of course, since this is a first time home buyer mortgage, you must also prove that you have a contract which states that you have a house that you've purchased or one that is set for construction. Once this house has been built or once you've moved into your new home, the New South Wales government also requires you to live in this place for six straight months, and this period has to be within the year after the completion or purchase of the house.

The rules of the "First Home Owner Mortgage Loan Scheme" are fair, and this grant can be of great assistance if you're from New South Wales.