What is the First Home Buyers Grant?
First time home buyers who are buying or building their first home are eligible for the First Home Buyers Grant, sometimes referred to as the FHOG.
This is a one off grant from the government aimed to assist you financially when you buy your first home. If you have not previously bought or owned a residential property, are an Australian Resident and over the age of 18 then you can access this government grant.
The grant is a welcome boost to many first home buyers who find the costs of buying first homes daunting. Now that home loan interest rates have come down, and property prices are leveling out, first home buyers are finding there has never been a better time to purchase a first home.
How Much You Can Access
The first home owners grant of $7,000 is available to eligible first home buyers. Additional grants and stamp duty subsidies are available in some states, including additional benefits for new construction and new homes in regional areas.
If you would like more information on what you can claim please contact your nearest mortgage broker.
There is no tax payable on the grant and the state government administers the grant with the help of a number of banks and lending institutions that are approved. Each state has variations on the grant regulations so be sure to check the Australian Federal Government website http://www.firsthome.gov.au/
The grant is not means-tested nor is it restricted by the price of the property. The state government administers the grant with the help of a number of banks and lending institutions that are approved agents. You can only access the grant once.
• You must be an Australian citizen or permanent resident
• Have never owned property in this country
• You must have lived in Australia for at least six months;
• You must be over 18-years old
• You must be buying or building your first property as a person, not as a company or trust
• Neither you or your spouse must have claimed this grant previously
• An eligible home must be located in Australia and be a new or established house, home unit, flat or other type of self-contained fixed dwelling that lawfully can be used as a place of residence
• You must live in the property for at least six months out of the first twelve months immediately after purchase
So if you are looking to buy your first home and are searching for a great mortgage, contact a local mortgage broker and discuss your options. Make sure you are aware of all the government financial assistance available to you and your family, and ensure you are getting the best home loan advice.
Ready to buy now? Call us on 1300 787 665 begin_of_the_skype_highlighting 1300 787 665 end_of_the_skype_highlighting.
First Home Owners Grants
Make sure you get every cent you can under the new FHOG. Complete the form to speak with a First Home Grants mortgage broker specialist.