First Home Buyer's Grant
The First Home Owner Grant (FHOG) is a Federal Government initiative to encourage home owners when building their first home. The amount eligible first home buyers receive (tax-free) is $10,000. Some lenders may allow you to use the grant to boost your home loan deposit.
First Home Owners Grant Eligibility Criteria
An expert mortgage broker will make sure you qualify for the FHOG and that your grant is paid on settlement. Consider the below eligibility criteria:
- You must occupy the home within 12 months of settlement or within 12 months of building completion if it’s a newly built home.
- The property you buy must be brand new, off the plan or being constructed.
- You or your partner must not have purchased a house, home unit or flat in Australia before.
- You must apply for the grant within 12 months of building completion.
- You must be an Australian citizen or permanent resident buying or building your first home in Australia.
State-Based Grants and Concessions
On top of that there are also additional state concessions for first home buyers including a reduction in the amount of stamp duty payable.