As the name suggests, the First Home Owner Grant (FHOG), is a grant provided to first-time home owners. They are given the amount of $7,000, plus other concessions depending on the state, to help them build or acquire their first property.
The FHOG was originally introduced in 2000, after which the grant was increased to $14,000 in 2008 and 2009 to aid home buyers during the global financial crisis. The grant amount returned to its previous rate of $7,000 after that.
While the $7,000 is provided in all states, each state has varying concessions, bonuses, and limitations. In NSW, for example, home buyers receive concessions such as the Home Builder Bonus scheme, which provides exemption on stamp duty. Meanwhile, Victoria gives an additional $13,000 First Home Bonus to those who build new homes, while providing the $7,000 grant only to properties that are worth $750,000 or less.
There are certain requirements that every applicant must meet in order to be eligible for the FHOG. These are:
Please note that each state may have other requirements when applying for this grant. If you need help in applying for the FHOG, we recommend that work with a mortgage broker. He or she could process the application for you, and even provide you with advice on the requirements of the specific state where you wish to apply for the grant.
Aside from the FHOG, chances are that you also need a home loan so you can acquire your first property. Here at Rate Detective, our qualified advisors can help you find the best home loans based on your personal circumstances. In addition, they can also provide you with rate comparisons of Australia's top lenders, ensuring that you get a deal that you truly deserve.