Top things you need to know about the First Home Owner Grant in New South Wales

By the resi financial blog team, 11 July 2014

First home buyer grants NSW

Now could be the perfect time to pursue your dreams of purchasing your first home in New South Wales, with changes to the First Home Owner Grant (FHOG) making the options for buyers across the region much easier. This could be a fantastic thing to aid the saving process - especially for those still renting and trying to save up for a minimum deposit at the same time. 

What are the details of the FHOG? 

In New South Wales, the First Home Owners Grant (New Homes) scheme aims to help buyers get their foot into the market. The state government now offers a $15,000 grant for those interested in building or purchasing a new home, with this amount dropping to $10,000 on January 1 next year. 

Eligibility is based on a few different factors. The property has to be new - which is defined as not previously occupied by builder, tenant or owner - and not have been sold before. Furthermore, Australian residency is an essential part of the process. You must also not have had any interest in residential properties prior to July 2000. 

The overall value of the property cannot exceed $750,000 after July 1, and you cannot have had previous applications for FHOGs in any other Australian state. These restrictions are there to help keep the grant strictly for first-time buyers and avoid abuse of the system. 

How do you apply?

You can either work directly through the state government, or go through a financial lender. Speaking with a mortgage provider will help you understand the options open to you and work towards securing the FHOG for your own property goals. 

If you're a first-time buyer and are thinking about purchasing your first home in New South Wales, give one of the specialists at resi a call on 136 126 today and talk to them about how we can help you with your first mortgage.

Categories: Home Loans, Personal Finance