Q: What are the eligibility requirements for a first home owner’s loan?
A:
- You must be a first home buyer – You must be a first home buyer, meaning you have never owned a property before. This includes any property you may have inherited or owned jointly with another person.
- You must be an Australian citizen or permanent resident – Must be an Australian citizen or permanent resident. Temporary residents are not eligible for the scheme.
- You must be over 18 years of age – If you’re under 18, you can still purchase a property, but you’ll need to have a guarantor or trustee to sign the loan contract on your behalf.
- You must be purchasing the property as your primary place of residence – Must be purchasing the property as your primary place of residence. The loan is not available for investment properties.
- You must meet the income and asset limits set by the state or territory government – Each state and territory government sets income and asset limits for First Home Owners Loan eligibility. These limits vary depending on where you live, and they are designed to ensure that the scheme benefits those who need it the most.
- You must have a deposit saved – To qualify for a First Home Owners Loan, you’ll need to have a deposit saved. The amount required varies depending on the state or territory you live in and the purchase price of the property.
