How soon you get the grant also depends on whether you buy or build your home.
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If you apply through an approved bank or lending institution, you may get the grant sooner than if you apply directly to us.
You will get paid when …
| Type of transaction | Applying through OSR | Applying through a bank or lending institution |
|---|---|---|
| Buying your home— off the plan |
you have a registration confirmation statement showing your name on the title of the property | at settlement |
| Buying your home— instalment purchase contracts |
you fulfil all of the following:
|
N/A |
| Buying your home— vendor finance contracts |
you own the home under the contract | N/A |
| Buying your home— all other contracts |
you have a registration confirmation statement showing your name on the title of the property | at settlement |
| Building your home—building contract | you have a final inspection report | on the first draw down of funds |
| Building your home—owner–builder | you have a final inspection report | you have a final inspection report |
Conditions and penalties
In some cases, we may pay the grant before you move into your first home. However, as a condition of the grant, you must tell us and repay the grant if you do not:
- complete the transaction of buying or building your home
- move into the home within 1 year
- live in the home for a continuous period of 6 months.
There are penalties if you don’t tell us within 14 days of finding out that you are unable to meet these conditions.