The First Home Owners Grant (FHOG) is a one-off tax-free Federal Government payment available to most people buying a first home in Australia.
The First Home Owners Grant (FHOG) is great news for first home buyers. It's a one-off, tax-free payment to people buying a first home in Australia, however conditions do apply.
Here's the fine print that applies in most – though not all – areas in Australia:
Apart from the conditions above, other conditions may apply depending on the state or territory that you are buying in. That's because state and territory governments hand out the FHOG on behalf of the Federal Government.
In Victoria, for instance, the grant is only available if you pay $750,000 or less for your first home. In NSW, the grant is worth $15,000 (falling to $10,000 from 1 January 2014), but you must buy or build a new home – the FHOG isn't available to NSW first home buyers purchasing an established home.
Some state and territory governments also offer additional bonuses for first home buyers like stamp duty concessions.
Ask your Aussie Broker or lender about the perks and lurks that you should know about, or take a look at the website of the revenue office in your state or territory.
If you arrange your loan through Aussie, we'll do the paperwork for you – wherever you live. We'll also make sure you get any bonuses or concessions offered to first home buyers by your state or territory.
The FHOG is a good chunk of money, and lenders will often consider it as part of your savings and deposit. Ask your Aussie Broker how you can do this.
Continue to information about choosing the right home loan.
Aussie does not provide any financial or investment advice. This document has been prepared as a factual guide only. It does not take account of your objectives, financial situation or needs. Aussie recommends that you seek independent financial advice and obtain your own professional legal and taxation advice before making an investment decision.