First Home Owner Scheme tightened
By CRISPIN HULL
People seeking the $7000 first-home-buyer grant will have to be at least 18 years old, move in within 12 months and live in the home for at least six months under new rules announced yesterday (Nov 27).
ACT Treasurer Ted Quinlan announced the changes.
At present there is no age limit, leading to abuse with parents getting the grant for infant children. Until today there was no requirement n how long a person had to live in the dwelling once they had moved in.
Similar changes will be made in other states and territories. The states and territories administer the federally funded scheme.
The Commissioner for Revenue will have the discretion to approve a grant to someone under 18 in appropriate cases — for example, when a 17 year old has used funds from an inheritance to purchase a home in which they live.
The commissioner could also waive the residential requirement for employment reasons.
The age limit applies from October 14, when the change was first announced and the residence requirements will begin on 1 January 2004.
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