As a first-time home buyer, navigating the complex world of property purchasing can be overwhelming. Fortunately, there are government-funded grants available to help ease the financial burden of buying your first home. In Australia, the First Home Owner Grant (FHOG) is a popular option for eligible buyers. Here’s what you need to know about FHOG and how to apply for it:
The FHOG is a one-off payment provided by the Australian government to first-time home buyers who are purchasing or building a new home. The grant is designed to help offset some of the costs associated with buying a home, such as stamp duty and other fees.
Eligibility for the FHOG varies by state and territory in Australia, but generally, you must be an Australian citizen or permanent resident over the age of 18 who has never owned a home before. You must also be buying or building a new home as your principal place of residence.
The amount of the FHOG varies by state and territory, but it is generally between $10,000 and $20,000. Some states and territories also offer additional incentives or concessions for first-time home buyers, such as reduced stamp duty.
To apply for the FHOG, you must first determine your eligibility and the specific requirements in your state or territory. You can find more information and the application process on your state or territory’s revenue office website, or head here to find the relevant information for your state or territory.
Great news – you absolutely can! The First Home Owner Grant and Coposit are completely separate, so you can secure your property with as little as $10k upfront using Coposit, and pay the remainder of the deposit during the construction period of your property. You can also then apply for The First Home Owner Grant and if eligible and approved, access that benefit to help you on your journey.
In addition to the FHOG, there are other government-funded schemes and incentives available for first-time home buyers, such as the First Home Loan Deposit Scheme and the HomeBuilder grant. It’s important to research your options and seek professional advice before making any major financial decisions.