The First Home Owners Grant (FHOG) is a one-off payment designed to motivate and help first home buyers get into the property market. It’s offered by the government, so its value will depend on the state you’re living in. Here in Western Australia (WA), there’s currently $10,000 big ones on the table.
The grant is ‘genuine’ meaning if you qualify, you’ll never need to pay back the $10,000 and you’ll be eligible for a stamp duty exemption which could save you even more. As you can imagine, the scheme has been incredibly popular since it was launched in 2008, with over 1,000 happy homeowners using it to break into the property market a month. Yes, a month!
As for the big question… do you qualify? The good news is the grant isn’t means-tested, so your income won’t affect your eligibility. However, you do need to meet the following qualifying criteria. You need to:
- Be a real person (i.e., not a business), who
- Is aged over 18 years old,
- Is an Australian citizen or permanent resident,
- Has never owned a residential property in Australia,
- Has never received the FHOG grant previously in Australia (and before you ask, yes, this includes your partner too),
- Will live in your new home for a continuous period of at least six months within the first year, and
- Select a House and Land package valued at or under $750k (ie. any of our affordable house and land packages)
Sound like you? Ten thousand big ones and a new home could soon be yours. Speak to your New Homes Consultant or Finance Broker for more info.