First Home Owner Grant May Give You the Boost You Need

Those considering buying their first home may be waiting for the right opportunity to enter the property market.

The good news is that conditions for taking out home loans are becoming increasingly better and there are even some government initiatives put in place to encourage the process.

The First Home Owner Grant (FHOG) is a federal government initiative to support homeowners when building or purchasing their first home.

There is criterion that must be met in order to be eligible for the grants, including the standard that you or your partner must not have purchased property in Australia before, as well as requiring homeowners to apply for the grant within 12 months of settlement or building completion.

A mortgage broker can discuss options with you and determine the specifics of your personal borrowing situation, but generally the tax-free amount eligible first home buyers receive is $7,000.

Some lenders may allow you to use the grant to boost your home loan deposit, depending on specific requirements and eligibility.

It is also advisable to explore concessions available in your specific state - there could be more opportunities to save money on your first purchase.

To get more detailed information on your situation, talk to a Loan Market mortgage broker today.