First Home Owners Grant
What is the (FHOG)?
The First Home Owner Grant scheme was introduced on 1 July 2000 to offset the effect of the GST on home ownership. Under the scheme, a one-off grant is payable to first home owners that satisfy all the eligibility criteria.
The Grant of $10,000 applies to First Home Buyers building a new Home and no longer applies to those purchasing established homes. However, purchasers of established homes will still be able to apply for the first home owner rate of duty if the value of the home is below the current threshold of $530,000.
Who is eligible for the Grant?
- An applicant must be 18 years or over at the time of making an application.
- At least one applicant must be an Australian citizen.
- Applicants and/or their spouses or de facto partners cannot have previously received the FHOG.
- Applicants must occupy the home as their principal place of residence for a continuous period of at least six months.
- Applicants must not have owned property in this country
- Come other factors do apply.
Why is it so important to First Home Owners?
The FHOG provides many Australians with the opportunity to purchase their first home with having to save the usual 5% deposit most banks require. We have 0 deposit and 3k deposit options available to some applicants.
Video from the Department of Finance explaining further details
For more information please do not hesitate to contact us and we will answer any further questions you may have.