Qualifying for a First Homeowners Grant in Australia
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The First Home Owners Grant (FHOG) was established to assist first home buyers in Australia by helping to offset the effects of the goods and
services tax (GST). The First Home Owners Grant applies from July 1, 2000 and each State and territory throughout Australia is responsible for
administering the grants within their respective jurisdictions. Eligible applicants are entitled to a one-off payment of $7,000 to help with the
purchase or construction of their first home.
Eligible home buyers must be Australian citizens or permanent residents who are buying their first home in Australia. Neither of the applicants may have previously owned a home before either jointly or separately or with some other person prior to July1, 2000. Neither of the applicants may have previously owned a home either jointly or separately or with some other person after July1, 2000. Also, neither applicant may have claimed this grant previously.
In order to qualify the home must be a fixed dwelling that meets local planning standards. This can include new or existing dwellings such as a house, unit, flat or apartment. In addition, the eligible home must be occupied by the applicants as their principal place of residence within 12 months of completion of the construction or purchase. It should be noted that the grant assistance will not be means tested and joint applicants are restricted to a single application and only one payment of $7,000. The grant is also not taxed and is not restricted by the purchase price of the property. Joint applicants are restricted to a single application for a single property and one payment of $7000 will be made.
First time home buyers can apply for the First Home Owners Grant through an approved financial institution or directly to the Revenue Office within your State or Territory. To determine if you are eligible you may complete an eligibility checklist at http://www.firsthome.gov.au. In Victoria Application forms are available from the SRO and certain approved agents. For more information please visit http://www.sro.vic.gov.au
If you are thinking about taking out a new mortgage make sure to research all the types of loans available to you and then discuss your options with a mortgage professional. You will want to try and find loans with low monthly account fees.
Financial Services Online is an emerging online exchange that connects interested consumers to various professional mortgage services companies in its Australia wide network. Fill out the online form for a free no-obligation quote and see what they can suggest.
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