Are you eligible for the first home owner grant?

The government's first home owner grant can save you thousands if you're eligible.

Are you eligible for a first home owner grant? Picture: Contributed

FIRST home owner grants are a great way to get you ahead of the real estate game at a young age.

Whether you're looking to find your forever home or an investment property, being eligible for this grant can be a major financial relief.

But what makes someone eligible for the first home owner grant?

Firstly, according to the Queensland Government you must be aged 18 years or older and be either an Australian citizen or permanent resident to apply.

People who have already received a first home owner grant or anyone applying with someone who has already received one will not be eligible for this grant.

You or a partner also must not own any properties either currently or in the past.

Now that the personal eligibility details are out of the way, then there are more requirements for you to be able to receive the grant.

The grant can only go towards a new home, either new and existing or being built, at a value of less than $750,000 total.

You are also required to move into this home as your main place of residence for at least six months within the first year of purchase.

If you decide to bring people in to rent a room for financial assistance, this is acceptable as long as it doesn't stop you from living in the house too.

If the grant has been given to you but you have not followed these requirements, there's a likely chance you will have to pay the grant back.