Overview
The aim of the Home Ownership Program is to assist Members with a deposit or capital towards the purchase of a home. Members can choose to place all or part of their Flexible program balance in a trust account for up to two financial years. Any monies placed in this trust account in the previous financial year can be combined (if it is within the two financial year period). The money can remain in a trust account until property settlement is scheduled, and then the funds would be transferred to the settlement agent directly on the Member’s behalf. Members may pool their funds together. The program will run from 1 July 2024 to 30 June 2025. If the funds are not required for settlement within the two-year timeframe that the program allows, the funds and any respective may be returned to GAC. Members may only use these funds towards settlement for purchasing a property.
Guidelines/Policy
The program will be available to homebuyers for the purchase or the construction of a home for residential purposes. The money can be placed into a trust account for up to two years in the Member’s name and will be released once the property is ready to be settled and the following pieces of evidence have been provided to GAC:
- Written approval from the lending institution that you have been approved for a home loan
- A copy of the contract of sale confirming the property sale price and address
- Written instructions from the Member’s settlement agent confirming the date of settlement and provision of the details required for the settlement funds to be transferred
If the funds are not required for settlement within the two-year timeframe that the program allows, the funds may be returned to GAC.
Supporting Documents
- Written approval from the lending institution
- Contract of sale for the property
- Settlement instructions
