First Home Buyers Grant
The First Home Owner Grant (FHOG) is a Federal Government initiative to encourage home owners when building or purchasing their first home. This has recently gone through some changes as of the 1st July 2013 where the amount of assistance that eligible first home buyers receive (tax-free) is now on newly constructed homes only in Victoria, with other states having their own variations.
The purpose of the grant is to allow you to use the funds to boost your overall home loan deposit or contribution funds towards the purchase / construction.First Home Owners Grant Eligibility Criteria
As your mortgage broker, I will make sure that where you qualify for the FHOG, your grant is made available or paid on settlement. Below are some key qualifying eligibility criteria:
- You must occupy the home within 12 months of settlement or building completion if it’s a newly built home.
- The property you buy must be a new house, unit or flat in Victoria.
- 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 settlement or building completion.
- You must be an Australian citizen or permanent resident buying or building your first home in Australia.
There may also be additional state concessions for some first home buyers that chose to build outside of the major metropolitan areas. During our initial meeting, we can discuss all of these things.