First Home Owners Grant

First Home Owners Grant

The First Home Owners Grant has two parts. The first is a cash grant of $7,000 paid by the Federal Government and the second part is provided by your local Territory or State Government.. Your Mates Rates Mortgage broker will guide you through the process.

The National Scheme - Are you eligible?

First Home Owners in Australia may be eligible for a $7,000 grant from the Federal Government. The grant is not means tested which means that you can receive the grant regardless of income, the area you are purchasing or the purchase price. The grant is also not subject to tax.

Subject to approval, FHOGS is available for people buying or building their first home who meet the following criteria

Each applicant is a natural person and not a company or trust.

At least one applicant is a permanent resident or Australian citizen.

Each applicant must be at least 18 years of age.

Each applicant and/or their spouse must not have owned residential property (jointly, separately or with some other person) in any State or Territory of Australia before 1 July 2000.

After 1 July 2000, each applicant and/or their spouse must not have not owned a residential property and occupied that property jointly, separately or with some other person in any State or Territory of Australia for a continuous period of at least six months.

Each applicant has entered into a contract for the purchase of a home or signed a contract to build a home on or after 1 July 2000.

This is the first time an applicant and/or their spouse will receive a grant under the First Home Owner Grant Act 2000 in any State or Territory (unless subsequently repaid).

At least one applicant will occupy the home as their principal place of residence for a continuous period of at least six months, commencing within 12 months of settlement or construction of the home.

If you entered into an eligible transaction on or after 1 January 2004, you must have moved into the home as your principal place of residence within one year of the completion of the eligible transaction; and you must remain in continuous occupation in that home for a period of at least six months

If you entered into an eligible transaction before 1 January 2004, you must have moved into the home as your principal place of residence within one year of the completion of the eligible transaction. There is no minimum period for which you are required to reside in the home

If you meet all of these criteria, you may be eligible for the First Home Owners Grant..

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State or Territory Governments

In addition to the Federal First Home Owners Grant of $7,000, each State or Territory offers different incentives. To find out what's on offer to you, follow the links below:

• Australian Capital Territory
• Queensland
• New South Wales
• South Australia
• Victoria
• Northern Territory
• Western Australia
• Tasmania

External links:

• FHOG Online