First Home Owners Grant (FHOG)
 The First Home Owners Grant was introduced by the Commonwealth Government to help alleviate the effects of the GST. A lump sum grant totaling $7,000 is available to 1st homebuyers for the exclusive purpose of purchasing their property.
Further bonuses and benefits may be available from individual states and territories who administer the First Home Owners Grant scheme. For example, the NSW State Government has a package of exemption or concessions for stamp and mortgage duty, depending on the value of the home purchased. From the 4th of April 2004, homes purchased to the value of $500,000 will be free of stamp duty. A reduced scale of stamp duty will apply to homes valued between $500,000 - $600,000, with no concession available for homes which are valued over $600,000.
Criteria
To qualify for the First Home Owner Grant you must:
- be a permanent resident or citizen of Australia.
- not already own, or have owned a property. If you are married, this includes property held in either your name or your partner's name.
- intend to live in the property and move in within one year of purchase.
- buyers of new homes have 26 weeks after entering into a contract to begin construction, and have 18 months to complete construction.
More information on the first home buyer’s scheme is available from the revenue office of your local state or territory Government.
For more information on First Home Owners Grant, or any of our financial services, you can ring us on (02) 9680-0131. Alternatively, you can book a FREE Consultation, by using our Online Enquiry Form. |
