How much is the First Home Owners Grant?

The First Home Owners Grant and governance of it’s legislation varies from state to state. Below you will find information relevant to grants available from each state, however since the information is constantly evolving be sure to visit  www.firsthome.gov.au to find the latest information.

In many of the above states and territories, buyers who qualify for a first home owner grant may also receive stamp duty exemptions and concessions.

First Home Owner Grant – Frequently Asked Questions

What is the First home Owner Grant?

The First Home Owner Grant (FHOG) scheme was introduced by the Australian Government on 1 July 2000 to offset the effect of the GST on home ownership. To this affect the First Home Owner Grant is not taxed. The total amount and the legislation of the FHOG scheme varies for each state.

Under the scheme, a one-off grant is payable to first home owners that satisfy all the eligibility criteria.

Am I eligible for the First Home Owners Grant?

As a general of thumb you must be an individual, age 18 years or over, at least one applicant must be a permanent resident or Australian Citizen, buying or building your first home in Australia, and will occupy the home as your principal place of residence for a minimum of 6 continuous months within 12 months of settlement.

Eligibility criteria vary from state to state and we advise that you check the First Home Owner Grant eligibility criteria with your state government.

What can the First Home Owner Grant be used for ?

The First Home Owner Grant can be used to purchase an existing home or build your first home, which will be your principal place of residence for a minimum of 6 months within 12 months of settlement.

The First Home Owner Grant cannot be used to purchase a vacant block of land unless you have a contract with a builder to build a home on the land. Owning Vacant Land does not affect your eligibility for First Home Owner Grant.

Grant conditions vary from state to states and you may be eligible as an owner builder or you may be restricted to an existing home with major renovation completed. Contact your ACA mortgage broker and they will be able to advise you in more detail.

How much is the First Home Owner Grant?

The First Home Owner Grant varies from state to state.  You can find out how much the First Home Owner Grant is in your state here.

How much can the property be valued at and still receive the First Home Owners Grant?

As of 1 January 2010, the grant is capped and is only available for property not exceeding $750,000.

In NSW, as of 1 January 2011 the First Home Owner (New Homes) scheme is capped for property not exceeding $835,000.

Please check your Australian state government website for current grant scheme information.

Does my income affect my eligibility for the First home Buyers Grant?

The First Home Owner Grant is not means tested and is not conditional upon receiving financial assistance.

Can I use the First Home Buyers Grant as part of my deposit ?

No. The First Home Buyers Grant is not paid until the settlement date.

When is the First Home Buyers Grant paid?

If you have lodged your First Home Buyers Grant though your financial institution, the grant will be available for settlement or the first draw down in contracts to build.

How do I apply for the First Home Owner Grant?

To apply for the First Home Owner Grant, talk to your ACA Mortgage Broker. We can assess your eligibility and submit your application with your loan application. You can also lodge your application within 12 months after completion or settlement of your home.

When does the First Home Owners Grant end?

Currently there is no end date for the First Home Owner Grant Scheme.

A More In-Depth Explanation

If you would like to discuss the government grants in more detail, please feel free to call us during business hours and we will be delighted to talk you through the ins and outs of any finance packages or grants that may be relevant to you.

We pride ourselves on our ability to explain everything in easy-to-understand terms and on our record of helping property buyers in all parts of Australia to obtain the finance they need, at highly competitive rates.

Do not take a chance with your next property purchase call ACA today on 1300 222 667 and speak to the experts.