The FHOG was introduced by the Federal Government in 2000 to assist first home buyers with purchasing a home. Since then, the rules around it have repeatedly changed.
While the FHOG is a national scheme, it’s funded by the states and territories—and administered by each of them individually. So each state or territory tweaks its own FHOG rules pretty much every year.
We’ll look at some general principles of the FHOG, the intention behind it and then look at the eligibility rules. We’ll also show you where to find more information depending on the state or territory you live in.
Introduced to offset the effect of GST on house ownership, the FHOG has evolved into an economic stimulus tool. It generally changes to reflect housing affordability, and can change quickly and often.
The Federal Government has a portal to the relevant FHOG page where you can find out how much the FHOG is in each state and territory. You can find out for example, how much the home buyers grant is in WA, Victoria and Queensland, as well as the other states and territories.
The FHOG has undergone changes over the years and varies a great deal from state to territory to state. This home buyer grant is now aimed squarely at new builds. The FHOG can be worth between $10,000 and $15,000 in most cases.
Again, each state and territory has its own rules, but the following conditions generally apply:
Check to see if you’re eligible.
You’ll need to check the rules for your state or territory, but you could be eligible for:
* Formerly First Home Loan Deposit Scheme
Once again, each state and territory has their own rules so you’ll need to check out the sites above. But generally, the grants are paid out under these conditions:
We know that the home loan process can be daunting. When the time comes, don’t feel like you have to do it on your own – call us.
To apply for the FHOG, you can:
Reproduced with permission of National Australia Bank (‘NAB’). This article was originally published at https://www.nab.com.au/personal/life-moments/home-property/buy-first-home/first-home-owner-grant
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