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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. How soon you get the grant also depends on whether you buy or build your home.
We will process most applications within 10 working days of receiving all required information.
General timeframes for payment are listed below.
| Type of transaction | Applying through OSR | Applying through a bank or lending institution |
|---|---|---|
| You may be paid once you ... | You may be paid ... | |
| Buying your home— off the plan |
have a registration confirmation statement showing your name on the title of the property | at settlement |
| Buying your home— instalment purchase contracts |
fulfil all of the following:
|
N/A |
| Buying your home— vendor finance contracts |
own the home under the contract | N/A |
| Buying your home— all other contracts |
have a registration confirmation statement showing your name on the title of the property | at settlement |
| Building your home—building contract | have a final inspection report | on the first draw down of funds |
| Building your home—owner–builder | have a final inspection report | once 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 of becoming the registered owner
- 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.