Financial Planning

First Home Owner Grant Scheme

What is the First Home Owner Grant Scheme?

The First Home Owner Grant Scheme (FHOGS) was established to assist first home buyers to purchase their first home. Eligible first home buyers receive a $7,000 grant.

What is the First Home Owner Boost?

The First Home Owner Boost (FHOB) is a Federal Government initiative that supplements the FHOGS grant. The Boost is only available for a limited time - first home buyers must have entered into a contract to purchase or build a home between 14 October 2008 and 30 June 2009 inclusive ("Eligibility Period").

  • First home buyers who purchase established homes during the Eligibility Period will receive an additional $7,000, taking their total grant to $14,000.
  • First home buyers who enter into a contract to build a new home or who purchase a newly constructed home during the Eligibility Period will receive an extra $14,000 taking their total grant to $21,000.

Who is eligible for the FHOGS and FHOB grants?

  • Individuals over 18 years of age - a company or trust does not qualify.
  • An applicant or applicant's spouse must not have received an earlier grant or previously owned a home in Australia before 1 July 2000.
  • At least one applicant must be an Australian citizen or permanent resident.
  • Joint applicants will be restricted to one application and only one payment will be made.
  • At least one applicant must live in the home as their primary place of residence for a continuous period of six months, within 12 months of settlement or construction.

What types of homes are eligible?

  • Newly built or established dwellings, including houses and units.
  • Houseboats and mobile homes are not eligible.

When will the grant be paid?

  • For existing homes, payment will be made at or after settlement of the property purchase.
  • For newly built homes, payment will be made after the Certificate of Occupancy/Completion has been issued.

What about first home buyer initiatives in my state?

Some state governments are offering first home buyer incentives in addition to the FHOGS grant and the FHOB. The maximum grant available is between $21,000 and $29,000 depending on the state in which the property is being purchased.

For more information you should contact the Office of State Revenue in your state which you can do by clicking on one of the links below.

 
 


Copyright © Superwoman Group Limited 2010