Are you looking to buy your first home but wondering if you can get the First Home Owners Grant (FHOG) on an apartment? The answer is yes; you can get the FHOG on an apartment in Australia.
But is it as easy as that? In this blog post, we’ll explore what the FHOG is, how it works, the eligibility criteria and any restrictions you may encounter during your application.
What is the First Home Owners Grant (FHOG)?
House hunting in Australia is no mean feat. Over the years, property prices have skyrocketed, making it increasingly difficult for first-home buyers to get into the market. Between choosing the right first home buyer loan, organising building inspections and purchasing your first home can be a costly endeavour.
To give first-home buyers a leg up in the property market, the Australian Government launched the First Home Owners Grant (FHOG).
The FHOG is a one-off payment from the Australian Government to help first home buyers purchase a home. It is a scheme funded by the states and territories and implemented under their own legislation.
It is available to eligible buyers buying or building a new home or buying an existing one for the first time. The FHOG is available for both houses and apartments if you meet the eligibility requirements.
- How do I know if I’m eligible for the FHOG?
It’s important to understand the eligibility requirements before applying.
To be eligible for the FHOG, you must be an Australian citizen or permanent resident and over 18 years of age. You must also be buying or building a new home or buying an existing home for the first time. You must also live in the home as your principal place of residence for at least six months within 12 months of completion of the purchase.
How much can I receive from the FHOG? The amount of the FHOG varies from state to state, but it is generally between $10,000 and $20,000.
The limitations and restrictions of the FHOG — what buyers need to know
In addition to double-checking their eligibility, first-home buyers should investigate the grant’s limitations to ensure the property they intend to purchase complies with the following requirements.
When buying an apartment, you should be aware of some restrictions on the FHOG. For example, the apartment must be a new or off-the-plan apartment with a minimum floor area of 50 square metres. The apartment must also be located in an area that is eligible for the FHOG. To determine whether the apartment is located within an approved area, you can visit the First Home Owner Grant website.
It is also important to note that the FHOG is unavailable for investment properties. If you are buying an apartment as an investment property, you will not be eligible for the FHOG.
With so much to consider surrounding the FHOG, it’s no surprise that more Australians are turning to the expertise of mortgage brokers to guide them through the process. If you are searching for an experienced mortgage broker in Sydney, look no further than Home Loan Partners.
Find the right home loan for every stage of life with Home Loan Partners.
Buying a home can be a daunting process, and it is important to get the right advice. At The Home Loan Partners, we are experts in helping first-home buyers to get the best home loan for their needs. As established mortgage brokers in Sydney, we understand the Australian market and can help you find the right loan for your situation.
Whether you’re after a first home buyer loan or a home renovation loan, our team of brokers has access to more than 40 lenders to ensure you find the right fit for your circumstances. Home Loan Partners can scour the market and deliver the most competitive offer based on your financial profile, from big banks to credit unions and online lenders.
We can also help you to understand the FHOG and how it applies to your situation. We can help you determine your eligibility for the grant and how much you can get. We can also help you understand the FHOG restrictions and how they apply to your situation.
Contact Home Loan Partners today for a consultation.
Being a first home buyer comes with its own unique challenges — let Home Loan Partners give you the upper hand when it comes to finding the right first home buyer loan.
At The Home Loan Partners, we are here to help you get the best first home buyer loan for your needs. We understand the Australian market and can help you to find the right loan for your situation. We are here to answer any questions and help you get the best home loan for your needs. Contact us today to find out how we can help you get the best home loan for your needs.