The First Home Owners Grant is a name that gets thrown around quite frequently when considering becoming a home owner for the first time. You may already know the major key point: that first home buyers receive $10,000 towards their new home. However, you may not know some of the nitty gritty details.
The FHOG is a Government funded one-off payment of $10,000 to help assist first home buyers to buy or build a residential property. The grant is not a cash payment made directly to the person, rather it is given to your home lender at the date of contract and applied directly to your home loan.
Only one grant is given per eligible transaction – so if there we’re two people buying a house together they would only receive one grant. The grant is not available for the purchase of an established home or for renovations to an existing home.
•Must be an Australian Citizen or permanent resident.
•At least 18 years of age.
•Have to be a first home buyer who has not previously owned or had interest in a property in Australia either separately or jointly.
•Must intend to be owner occupiers of the property for at least 6 months.
•Couples are only eligible is they are married or in a de-facto relationship with each other.
When you’re applying for a loan through an approved lender/agent, you will also fill out the First Home Owners Grant application, which the lender will process with your loan application. Otherwise, you can apply for the grant directly through the Department of Finance website.
The grant payment depends on the type of transaction and how your application was submitted.
*If you have applied through an approved agent, they will receive the grant on your behalf. If you have applied through the DOF, you’ll receive the grant.
Want to find out if you’re eligible for the First Home Owners Grant? Send us a message and we’ll be in touch!
Over the last 50 years we have proudly built over 15,000 homes for Australian families. We have the same values today as we did in 1969 when we built our first home in Light Street Dianella.
Our commitment is to provide you with complete transparency and give you a real understanding of all aspects of your home loan.