First Home Owners Grant

First Home Owners Grant

First home owners grant

First home owners grant

General Information about the First Home Owners Grant: 

The First Home Owner Grant (FHOG) scheme was introduced on 1 July 2000 to offset the effect of the GST on homeownership.

It is a national scheme funded by the states and territories and administered under their own legislation. 

Under the scheme, a one-off grant is payable to first homeowners that satisfy all the eligibility criteria as outlined by the governing state. Some states offer other incentives as well.

Settling on the choice to buy a home is an important step in your life. Therefore, as a responsible and diligent first time home buyer, you should have carefully evaluated your spending limits and even consider what options you might have regarding changes you need to make. 

Is it safe to say that it is your first time that you want to buy Real Estate?

Click HERE to find out how we can help you find your first home, use the grant as part of your deposit and help save you money in the long run.

More Information:

Do you want to pursue your dream of owning your own home sooner? Then you may want to find out if you are eligible for the First Home Owners Grant.

CLICK HERE if you need more information. You will have the option to choose the state you want to live in and get first-hand information.

 

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First Time Home Owner

We have put together a list of answers to the most frequently asked questions on the First time home buyer grant:

 

  • I’m buying a home in Australia but I already own property outside Australia, does that mean I don’t qualify for the grant?

You can be eligible for the grant provided you have not owned property in Australia before.

  • What happens if I move out of my home in the first 12 months?

If you have lived in your home for a continuous period of six months, you may keep the grant, but if you move out before this time, you will be required to repay the grant.

  • I inherited a property. Can I claim the First Home Owner Grant for that?

No. You must be a buyer or builder of the property. If you received it as a gift or inheritance you are not eligible for the grant.

  • I am buying an existing home. Does that qualify me for the grant or does it have to be a new home?

This depends on the state, with many now limiting the grant to purchasers of new or substantially renovated homes.

  • I am buying the property jointly with a friend. Do we both have to be eligible?

If you are buying the property in conjunction with another person, you must both meet the First Home Owners Grant criteria for the grant to be applicable.

  • My partner and I are buying the property jointly and neither of us has owned a property before. Do we each get a grant?

No. A single grant is payable per property transaction not per person.

  • Does my income affect the grant and is the grant taxed?

No, the grant is not means-tested and you do not have to pay tax on it.

  • What happens if I move out of my first home in the first 12 months?

If you have lived in your home for a continuous period of six months, you may keep the grant, but if you move out before this time, you will be required to repay the grant.

Are you ready to buy your first home? Then please CLICK HERE to get in touch with us.

 

 

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