Are you a first home buyer in Australia looking to purchase an established house? If so, you may be eligible for a First Home Buyers Grant (FHOG) from the Australian government. The FHOG is a great way to get a head start on your home loan and make your dream of owning a home a reality.
In this guide, we’ll cover everything you need to know about the FHOG, including eligibility requirements, how much you can receive, and how to apply.
What is the First Home Buyers Grant?
The FHOG is a one-off payment from the Australian government to help first home buyers purchase a home. It is available to both new and established homes, but the amount you can receive varies depending on the type of property you are purchasing.
Eligibility Requirements
To be eligible for the FHOG, you must meet the following criteria:
• You must be an Australian citizen or permanent resident.
• You must be at least 18 years of age.
• You must be purchasing a home as your primary place of residence.
• You must not have previously owned a home in Australia.
• You must have a deposit of at least 5% of the purchase price.
• You must have a valid contract of sale.
• You must be able to demonstrate that you can meet the ongoing costs of owning a home.
How Much Can You Receive?
The amount of the FHOG you can receive depends on the type of property you are purchasing. For established homes, you can receive up to $10,000. For new homes, you can receive up to $25,000.
How to Apply
To apply for the FHOG, you must first complete the First Home Owner Grant Application Form. This form is available from your state or territory government website. Once you have completed the form, you must submit it to your state or territory government.
Once your application has been approved, you will receive a confirmation letter. This letter will include instructions on how to claim the grant.
The First Home Buyers Grant is a great way to get a head start on your home loan and make your dream of owning a home a reality. If you meet the eligibility requirements and are purchasing an established home, you can receive up to $10,000.
At The Home Loan Partners, we understand that buying a home can be a daunting process. That’s why we’re here to help. Our experienced mortgage brokers are here to answer any questions you have and help you get the best home loan for your needs. Contact us today to get started.