First Home Buyers Loan
Looking for the best First Home Loan? Resi and the First Home Owner's Grant can help you get there...
The First Home Owner Grant (FHOG) scheme was introduced on 1 July 2000 to offset the effect of the GST on home ownership. It is a national scheme funded by the states and territories and administered under their own legislation.
Under the scheme, first home buyers who satisfy all the eligibility criteria are entitled to claim a one-off rebate of $7000.
Who qualifies for the First Home Owner's Grant?
Criteria for qualifying applicants and properties vary in each State and Territory. General eligibility criteria for a first home owner's grant include:
- You must be a minimum of 18 years of age and an Australian citizen or permanent resident;
- Application must be made within 12 months of completion of construction or settlement of the home;
- You must be buying or building your first property as a person, not as a company or trust;
- You or your spouse/co-purchaser must not have previously owned an interest in land in Australia that had a residence on it prior to July 1, 2000;
- You or your spouse/co-purchaser must not have owned and occupied a home after July 1, 2000;
- If you have purchased investment property/s after 1 July 2000 as long as you have never owned property before 1 July 2000 and have never lived in the investment property/s, you may still be eligible;
- Neither you or your spouse/co-purchaser must have claimed this grant previously;
- Commencement of building, in the case of owner-builders, must have occurred on or after July 1, 2000;
- An eligible home must be located in Australia and be a new or established house, home unit, flat or other type of self-contained fixed dwelling that lawfully can be used as a place of residence;
An eligible home must be occupied by you as your principal place of residence within 12 months of construction or purchase of the home. There are minimum periods of occupancy required by each state or territory;
- Joint applicants are restricted to a single application for a single property and only one payment of $7000 is made;
- The Boost is not means tested and can be used to buy a property of any value.
How to apply for the First Home Owner's Grant
Your lender can forward on documentation to apply on your behalf.
More Information
Some states offer either an additional grant, or waive or offer concessions on transfer duty and mortgage duty. For information on how states vary, and what your state offers, see:
Help
For all your first time home loan questions, get a Resi home loan specialist to call you. Click here now
Whether you are a first home buyer, want to refinance your mortgage, buying your next home or perhaps seeking a home equity loan, Resi has the best range of home loans for you, and especially for a first home loan.
Resi
Home Loans offers an ideal range of
home loan and
home mortgage products to suit your every need. To find the
best home loans for you, check out our
mortgage calculators and our current
home loan rates today.