While it has been suggested that applicants in the suburbs of Brisbane, Melbourne, and Sydney are likely to gain the best results, the scheme is not restricted to people living (or wanting to build their first homes) in those areas.
As announced by Mr. Morrison, the grant covers homes throughout all regions of Australia. At the same time, it also extends to all property types (houses, apartments, house and land packages, etc.) with the $25k limit in place. To be eligible, you must be an Australian citizen, and over the age of 18.
Given that the scheme is designed to support homeowners that actually need help during these unprecedented and difficult economic times, a range of other criteria must be met. Key points include;
Applicants must have an annual income of under $125k, or $200k if making a joint application.
Any new build properties, including house and land packages, must not exceed a value of $750k.
Renovations on existing properties must cost between $150k and $750k.
Properties that are due to be renovated must have been previously valued at under $1.5m.
All proposed contracts must be accepted by no later than 31 December 2020.