Both state and federal governments across Australia provide incentives and concessions for first home buyers when building their home or buying an established home. These grants and concessions are designed to give Australians a helping hand into home ownership. When finding the grants that will benefit you, the best starting point is to look at federal grants and then state grants.
Federal Government Grants
The Federal Government introduced the First Home Owners Grant (FHOG) on July 1st 2000, and designed to offset the effect of GST (Goods & Services Tax) on home ownership. A national scheme, the cost of $7,000 per new home owner is, however, funded by the states and territories from the GST they collect. To be eligible, you must satisfy the following criteria:
- Be at least 18 years of age
- Not a company or a person acting as a trustee
- Australian Citizen or Permanent Resident (Note: only one applicant is required to be a citizen or permanent resident)
- Never claimed & been paid the FHOG before
- Never owned and lived in a home in Australia before either directly or indirectly with a spouse
- You must move into your home within 12 months and occupy the home for at least 6 months
If you want you eligibility confirmed, contact us today and we’ll assess whether you would qualify for FHOG. The FHOG changes regularly so call us and speak to one of our experienced Specialist Mortgage Advisors to understand exactly how much you will be entitled to and when during the home.
Additional State Grants & Concessions For First Home Owners
There are also a range of state grants and concessions available to first home buyers when building their own home. Some of these extend the total concessions and grants into the tens of thousands of dollars.
An important note to make is stamp duty is only payable on the land purchase amount regardless whether it’s a house and land package or off‐the‐plan. The only time stamp duty would be payable on the entire land and building amount is if the home has been completed by the builder and then sold to you as a completed dwelling.
In summary, there are a multitude of grants and concessions available depending on the state in which you purchase and build. These grants and concessions are not automatic and as such there are forms that are required to be completed for each grant and concession. We can help you complete these forms, ensuring they are filled in correctly and submitted in a timely fashion. This will ensure that grants applied for and accepted will not suffer delay in payment.
Contact us now to review your eligibility, the amount you are eligible for, and how much you could save on mortgage payments.
NOTE: We have lenders that allow these grants to be used towards the deposit of your home, contact us now for more information.