Are you a first home buyer looking to purchase an existing property? If so, you may be eligible for the First Home Buyers Grant (FHOG) in Australia. The FHOG is a great way to get a head start on the property ladder and can help you to purchase your dream home.
In this blog post, we will provide you with a comprehensive guide to the First Home Buyers Grant for existing properties. We will explain the eligibility criteria, the amount of the grant, and how to apply. We will also provide helpful tips and advice to make the process as smooth as possible.
What is the First Home Buyers Grant?
The First Home Buyers Grant (FHOG) is a government initiative designed to help first home buyers purchase their first home. The grant is available to eligible first home buyers who purchase or build a new home or purchase an existing home.
The grant is available in all states and territories in Australia, except for the Northern Territory. The amount of the grant varies from state to state, so it is important to check the specific requirements for your state.
Eligibility Criteria for the First Home Buyers Grant for Existing Properties
In order to be eligible for the First Home Buyers Grant for existing properties, 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 an existing property as your principal place of residence.
• You must be an owner-occupier and not an investor.
• You must not have previously owned property in Australia.
• You must meet the income and asset test requirements.
• You must meet the residency requirements.
• You must meet the deposit requirements.
Amount of the First Home Buyers Grant for Existing Properties
The amount of the First Home Buyers Grant for existing properties varies from state to state. Generally, the grant is $10,000 for existing properties. However, some states offer additional grants for existing properties, such as the $15,000 HomeBuilder Grant in Victoria.
It is important to check the specific requirements for your state to determine the amount of the grant you are eligible for.
How to Apply for the First Home Buyers Grant for Existing Properties
The application process for the First Home Buyers Grant for existing properties is relatively straightforward. You will need to complete an application form and submit it to your state or territory government.
You will need to provide evidence of your identity, income, assets, and residency. You will also need to provide evidence of your deposit and a copy of the contract of sale.
Once your application is approved, you will receive the grant as a lump sum payment.
Helpful Tips and Advice
• Start the application process early. It can take up to 8 weeks for your application to be processed, so it is important to start the process as soon as possible.
• Make sure you meet all the eligibility criteria. If you do not meet all the criteria, your application may be rejected.
• Get professional advice. A mortgage broker can help you to understand the process and ensure that you meet all the requirements.
• Be prepared for the costs. The grant is a great help, but it is important to remember that there are other costs associated with buying a home, such as stamp duty, legal fees, and moving costs.
The First Home Buyers Grant for existing properties is a great way to get a head start on the property ladder. It can help you to purchase your dream home and start your journey as a first home buyer.
At The Home Loan Partners, we understand the process of buying a home can be daunting. That’s why we are here to help. Our team of experienced mortgage brokers can answer any questions you have and help you to get a home loan. Contact us today to find out more.