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All You Need To Know About The First Home Buyers Grant

All You Need To Know About The First Home Buyers Grant

First Home Owner Grant Guide

 

If you’re in the market for your first home, you’ve probably heard about the first home owner grant (or FHOG). FHOG was introduced in Australia to offset the impact that GST has on home ownership.

The Australian Federal Government and each state government provides much- needed assistance to first home buyers. The level of financial support varies between states and scheme itself has gone through various changes – that’s why it’s best doing your research before committing to anything.

The assistance you are eligible for depends on the type of home you are buying and whether your personal circumstances meet the criteria.

How to determine eligibility and apply Although it is a national scheme, each state and territory funds it separately, meaning depending on the state in which you live or want to purchase in, the legislation is going to be different.

 

First Home Buyers Guide

 

Australian Capital Territory:

THE FIRST HOME OWNER GRANT The grant has been retargeted to new and substantially renovated properties only and is no longer available for the purchase of established properties. As announced in the 2015-16 budget, the First Home Owner Grant will reduce to $7,000 on 1 January 2017. http://bit.ly/FHOGACT

New South Wales:

THE FIRST HOME OWNER GRANT (NEW HOMES) SCHEME For eligible transactions made on or after 1 January 2016, the grant amount is $10,000. (A new home is a home that has not been previously occupied or sold as a place of residence and includes a home that has been substantially renovated and a home built to replace demolished premises). http://bit.ly/FHOGNSW

Northern Territory:

FIRST HOME OWNER GRANT The $26,000 first home owner grant is currently available on the purchase or construction of a new home. If you have any queries in relation to the grant, please feel free to contact the Territory Revenue Office on 1300 305 353 or by email to ntrevenue@nt.gov.au. (From 24 May 2016 the First Home Owner Discount may be available for first home buyers who enter into a contract to purchase an established home.) http://bit.ly/FHOGNT

Queensland:

FIRST HOME OWNER GRANT Depending on the date of your contract, you’ll get $15,000 or $20,000 towards buying or building your new house, unit or townhouse.  https://firsthomeowners.initiatives.qld.gov.au/index.php

 

South Australia:

FIRST HOME OWNER GRANT FHOG applies to the purchase or construction of a new residential property, including a house, flat, unit, townhouse or apartment that meets local planning standards anywhere in South Australia. As of 15 October 2012, FHOG of $15,000 if the application is granted. http://bit.ly/FHOGSA

Tasmania:

FIRST HOME OWNER GRANT As part of the 2016-17 State Budget, the existing $10,000 First Home Owner Grant will be temporarily increased to $20,000 for applicants who comply with additional building criteria. For eligible transactions entered from 1 July 2017 onwards (or for eligible transactions that do not meet the requirements for the increased grant), the grant amount is $10,000. http://bit.ly/FHOGTAS

Victoria:

FIRST HOME OWNER GRANT You can receive $10,000 with the FHOG If you are buying or building a new home valued up to $750,000, you may be eligible for the First Home Owner Grant (FHOG). FHOG Application Form VIC http://bit.ly/FHOGVIC

Western Australia:

FIRST HOME OWNER GRANT Only first home owners who purchase or build a new home are eligible to apply for a grant of up to $10,000. The eligibility threshold for the value of the property will depend on where the home is located. The grant is no longer available for the purchase of established homes. However, purchasers of established homes will still be able to apply for the first home owner rate of duty if the value of the home is below the current threshold of $530,000. http://bit.ly/FHOGWA


 

For more information in how you can secure your First Home Buyers Grant contact us sales@vbeach.com.au 🙂

 

Matt Nielsen

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