When it comes to buying a home, the process can be daunting and overwhelming. It’s important to understand all the options available to you, and the First Home Buyers Grant (FHOG) is one of the most important. In this blog post, we’ll be looking at how much the First Home Buyers Grant NSW is, and how you can use it to help you purchase your first home.
The First Home Buyers Grant (FHOG) is a government initiative designed to help first home buyers get into the property market. It is available to eligible first home buyers in New South Wales, and is paid as a one-off lump sum payment. The amount of the grant varies depending on the purchase price of the property, and the date of the contract of sale.
For contracts of sale entered into on or after 1 July 2020, the FHOG is $10,000 for properties valued up to $600,000, and $5,000 for properties valued between $600,001 and $750,000. For contracts of sale entered into before 1 July 2020, the FHOG is $15,000 for properties valued up to $650,000, and $10,000 for properties valued between $650,001 and $800,000.
In order to be eligible for the FHOG, you must meet certain criteria. You must be an Australian citizen or permanent resident, and you must be over 18 years of age. You must also be buying or building a new home, or buying an existing home that has not been previously occupied or sold as a place of residence. You must also be purchasing the property as your principal place of residence, and must move into the property within 12 months of settlement.
The FHOG is a great way to help you get into the property market, and can make a big difference to your budget. It is important to remember, however, that the FHOG is not a substitute for a home loan. You will still need to arrange a home loan to cover the remaining cost of the property, and you should speak to a qualified mortgage broker to ensure you get the best deal.
At The Home Loan Partners, we understand the importance of getting the right home loan for your needs. Our team of experienced mortgage brokers are here to help you find the best loan for your circumstances, and to make sure you get the most out of your FHOG. We can help you compare home loan products, and provide you with expert advice on the best loan for your needs.
We understand that buying a home can be a stressful process, and we are here to make it as easy as possible. Our team of friendly and knowledgeable mortgage brokers are here to answer any questions you have, and to help you get the best home loan for your needs.
If you’re looking to buy your first home in New South Wales, the First Home Buyers Grant is a great way to get into the property market. At The Home Loan Partners, we are here to help you make the most of the FHOG, and to ensure you get the best home loan for your needs. We would love to answer any questions you have, and help you to get the home loan you need. Contact us today to find out more.