First Home Owner Grant
Buying (or building!) your first home is likely to be one of the biggest financial commitments you’ll ever make. And most banks require a ‘deposit’ before providing a home loan.
To help Australians achieve the goal of owning their own home, the Federal Government set up a national scheme back in 2000, referred to as the First Home Owners Grant (FHOG). Heritage encourages all first home buyers to see whether they are eligible!
While the FHOG is a national scheme and isn’t means tested, the states and territories administer and fund the FHOG. The means it’s really important to check the specific eligibility criteria for your region and what you might be entitled to.
In Queensland for example, you could be entitled to between $15,000 and $20,000. The Queensland Government recently applied a one-off, 12-month boost of $5,000 to the grant, taking it to $20,000 from 1 July 2016 to 30 June 2017!
Criteria which may be used include:
- Whether you are an Australian citizen or permanent resident
- Your age
- Whether you have owned property before
- Whether the property is new or established
- The date of your contract or the start of the build
Plus if you are a first home buyer in Queensland, no matter whether you are buying or building a new home, or purchasing an existing property, you will pay no stamp duty! And if the loan requires mortgage insurance, you get a discounted rate.
Heritage can help you complete the paperwork and lodge your First Home Owner Grant application when you apply for a home loan with us. There's plenty of other paperwork and documents that are involved in securing your first home, so that's one less thing to worry about! Get in touch with us today and let us help you open the door to your first home.