As a first home buyer, you may be eligible for several state funding schemes to help get you into your own place sooner. As well as savings on stamp duty, you may also qualify for a one-off payment called the First Home Owner Grant (FHOG).
What do I have to do to claim the FHOG?
There are many variables which will determine your eligibility for the First Home Owner Grant. The main variables to consider are:
- How much you are going to spend
- Whether you already own a property
In addition, your specific state or territory may have its own criteria, however, there are some common threads that run through them all. The applicant for the grant must:
- be at least 18 years of age
- be a permanent resident or citizen of Australia
- plan to live in the property as their own residence for at least six months
- have never owned their own home in Australia
For more information regarding criteria specific to your state, contact our team today!
Does the FHOG apply if I’m buying an investment property?
The FHOD is exclusive to individuals looking to buy a home for the purpose of residing in it. To meet this requirement, you are required to reside in the property as an owner occupier for a minimum of six months. As the grant aims to assist those looking for a home to live in,
More recently, the Federal Government’s initiation of the First Home Loan Deposit Scheme may also allow you to minimise your initial deposit.
Contact our friendly team to see how we can help you navigate these uncharted waters today!