A first time home buyers grant is a scheme implemented to encourage people to buy their own homes. Also known as the FHOG, it has been implemented since the 2nd of July, the year 2000. The national scheme’s aim was to compensate for the homeownership taxation, which was introduced in the same year. It operates on a national level but is administered by states and territory in Australia.
Where is it applicable?
The FHOG is applicable in the following areas:
- New South Wales
- Northern Territory
- South Australia
- Western Australia
Who qualifies for the grant?
In order to be eligible, candidates must satisfy the following requirements:
- Either building or buying a home. If renovations are being made to an already existing house, they should be substantial.
- The candidate must be building the house for themselves.
- The property value, including the land, must be less than $750,000.
- The candidate should submit all supporting documents, including the FHOG SmartForm Application, within a year after finishing the home.
- The applicant must be at least 18 years of age (with some exceptions).
- The candidate must not be a company entity.
- The candidate must be a citizen of Australia; if not, they must be a permanent resident of the country.
- The candidate – or one of their applicants – must move into the home within a year of completion.
- All projects should be started or made on or before 1 January 2017.
Who are not qualified for the grant?
Candidates who have applied for the FHOG may not reapply to the program. The same applies to applicants who have owned one property before July 1st, year 2000, and those who bought residential properties from July 1, 2000, and January 1, 2004. If the person has acquired – not necessarily bought – properties after January 1, 2004, and lived in it for more than six months, they are not eligible as well.
If you’re interested in acquiring a first time home buyers grant, find a reputable financial institution. For more information on this scheme, consult Opal Finance.