The First Home Owner Grant (FHOG) is a national scheme set up to encourage and assist home ownership. Benefits vary from state to state and your Origin Mortgage Broker will help you to understand what you can qualify for and lodge the application on your behalf to ensure you achieve maximum benefit.
In NSW, the First Home Owner Grant (New Homes) scheme was established to assist eligible first home owners to purchase a new home or build their home by offering a $10,000 grant.
First Home Owners Grant Eligibility
Of course, there is some government eligibility in place. Some of the areas that will be assessed are not having owned your own home before and being an Australian citizen or permanent resident. Also you should have the intention to occupy the property as your principal place of residence within 12 months of settlement and living in it for a continuous period of no less than 6 months.
The First Home Owner Grant is not means-tested but there may be a limit on the purchase price of your property. For example, in New South Wales, the property purchase price cap is $750,000.
It should also be noted that there is not just a grant as there are also other state-based incentives available to first home buyers designed to make your first purchase that bit more affordable – these include stamp duty concessions and building grants. Your Origin Fina nce mortgage broker will be able to provide you with information, as well as help you arrange your all-important government assistance.