First Home Owners Grant

Within the industry the First Home Owners Grant is often referred to as the FHOG (Fog) and quite simply it is a State Government assistance package to help people buy their first home.

There are some rules or guidelines that apply and by watching this short video we hope you will have a clearer understanding of the process and whether you are eligible.

The first point to make is that you must be purchasing your first home and the purchase price on the contract is $750,000 or less.

A second and most important point is that if you are buying with another part or parties then if any of you have owned a property before then you will not be eligible.

And, in the same scenario where more than one party is involved, at least one of you must be an Australian citizen.

The grant is not means tested so your income, or perhaps the joint income of the applicants is not a consideration.

Assuming you tick all the right boxes and hopefully come to see us at Select then part of our role is to help you through the process of making an application for the loan and submitting your Grant application.

Once the loan is formally approved by the lender and we are proceeding to settlement the Grant is paid to the lender who will apply the $7,000 towards your deposit. So whilst you do not physically see the money it is obviously taken in to account as we and the lender crunch the numbers for your proposed borrowing.

Whilst on the subject of grants it is worth remembering the stamp duty concessions on property for first home buyers. For a property of less than $500,000 there is no duty and from $500,000 to $600,000 certain discounts apply.

That is the simple overview of the FHOG and stamp duties and whilst you are on our site you might want to look at out videos on Lenders Mortgage Insurance; Parental Guarantees and Pre Approvals.

Thanks for taking the time to visit our website and feel free to call us or lodge an online enquiry.

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