Payment of grant
- How and when will the grant be paid?
When applying through an approved agent for the purchase of an existing dwelling, payment will be made at settlement. For a contract to build, payment may be made on the first progress payment to the builder provided that the first progress payment is not less than the grant amount payable. For an owner builder the grant will be transferred into the account of the approved agent upon completion on your behalf.
When applying through OSR for the purchase of an existing dwelling, payment will be made after settlement and your name is registered on title. For a contract to build or an owner builder, payment will be made upon completion.
The grant will be electronically transferred into the account nominated on the application form.
- How long will it take for my application to be processed?
Once a fully completed application is received, our service standard provides that applications will be processed within 10 working days.
- How will the grant be paid?
The grant will be paid by electronic funds transfer (EFT) to the account nominated on your application.
- What can the grant money be used for?
The grant may be used for any legal purpose. Approved agents may make certain requirements during your loan negotiations.
- If I qualify for the grant, can I use it for my deposit?
There are no restrictions or guidelines set by the legislation that restrict how you must spend the $7,000 grant. Once the $7,000 is deposited into your account, it can be used for any purpose you wish. However, if you would like to use the $7,000 grant as part of your deposit, you should note that the payment is made either on the settlement date or after. The vendor of the home or your approved agent may require the deposit prior to settlement.
- What if the purchase price is less than the grant available?
Where the purchase price of the home or the value of the construction is less than the total grant available, the applicant will be entitled to a grant equal to the value of the amount paid.
