There are very few milestones in life quite as exciting as buying your very first home. Whether it be for yourself, or for your family, buying a home for the first time marks a turning point in life. It is a transition into something greater, and many spend years of their lives planning and preparing for it.
Buying a home for the first time might be exciting, but it can also appear a bit daunting at first. That is why understanding the process and advantages that are available to first time home owners is key. As of 2000, first time home owners qualify for a First Home Owners Grant (FHOG). It is a national program for first time home owners who wish to buy or build their first home in Australia.
These grants are nationally backed, but funded on a state level. This means that each individual state within Australia will have their own First Home Owners Grant regulations and parameters. Understanding those state level grant systems, is where we come in. We will work closely with you as a first time home owner to understand the First Home Owners Grant regulations for your state, in order to get you the best home owner grant available to you.
– What Are The Basic Requirements?
While the First Home Owners Grant program is backed by each state individually, there are a certain set of basic parameters that must be adhered to in order to qualify for a first home owners grant. These basic parameters include, but might not be limited to:
- – You must be 18 years of age or older.
- – You must be a citizen of Australia or a permanent resident. Otherwise, you must be applying with someone who is.
- – You cannot have previously owned property in Australia that you personally lived in.
- – You must commit to living within the property for a minimum of 6-12 months depending on the state.
- – You must be prepared to move into the property within 12 months of receiving the grant. If you have previously owned property that you lived in outside of Australia, it will not hinder you from receiving the grant. However, it is important to note that these grants are designed to help first-time homeowners establish themselves and their lives in their home. This is not a grant designed for those interested in purchasing real estate for profit. These grants are specifically designed to encourage individuals, and couples, to build or purchase property and help own their very own piece of real estate. So contact us today to find
out how you, as a first time home owner, can go about applying for and recieving your First Home Owners Grant!
– First Home Owners Grant QLD.
If you are interested in settling down and buying property in the QLD region, you might be interested in the First Home Owners Grant QLD program. Individuals buying or purchasing their first home in QLD are entitled to potential grants to aid in doing so. This program is designed to provide assistance with those buying or building a brand new home in QLD, with a value of $750,000 or less (including land). This grant can be up to $15,000 to help you get into your very first home! Click here to learn more about the process of receiving the First Home Owners Grant QLD.
– First Home Owners Grant NSW.
Those seeking to purchase a home within New South Wales have an incredible state funded program to make the process far easier–and cheaper! This grant only applies to brand new homes, and cannot have been previously lived in. Qualifying applicants will receive up to $10,000 towards the purchase price of their new home, valued at $750,000 or less. In some cases, the First Home Owners Grant NSW program can also be applied to the First Home Buyers Assistance Scheme as well! Click here to learn more about the process of receiving the First Home Owners Grant NSW.
– First Home Owners Grant VIC.
The state of Victoria offers first time homeowners an exceptional grant system that is designed to incentivise individuals to settle down in new property within regional Victoria. The First Home Owners Grant VIC applies to any house, apartment, townhouse or unit valued at $750,000 or less. This property must not be more than 5 years old, and must have never been lived in before. This $10,000 grant will help first time home owners begin the life they have always dreamed of. In addition, until 30 June 2020, the grant has been increased to $20,000! Click here to learn more about the process of receiving the First Home Owners Grant VIC.
– First Home Owners WA.
The First Home Owners Grant WA is perfect for anyone wishing to settle into Western Australia as their permanent place of residence. This grant gives first-time homeowners a $10,000 grant in order to buy or build a brand new home. This grant can also apply to certain homes that have been substantially renovated. The value of the new home must be less than $750,000 if south of the 26th parallel, and less than $1,000,000 if north of the 26th parallel. This means that, depending on where you intend to live, the value of the new house can vary and still qualify for the First Home Owners Grant WA! Click here to learn more about the process of receiving the First Home Owners Grant WA.
– First Home Owners Grant SA.
The First Home Owners Grant SA offers residents of Southern Australia the option to get into their first home quickly, and far more easily. For those building or purchasing a brand new home, with a market value below $575,000, applicants can receive $15,000 to be applied to the total purchase of the property (including land). So long as this property is brand new, and you will be using it for your primary place of residence, this grant can apply to you! Click here to learn more about receiving the First Home Owners Grant SA!
– First Home Owners Grant ACT.
Those living in the Australian Capital Territory know how hard buying and building a new home can be. That is why the ACT revenue office offers residents the First Home Owners Grant ACT. This $7,000 grant applies to brand new, or substantially renovated homes within the ACT region. So long as the property does not exceed a market value of $750,000, and you have never received a grant previously, you might be eligible! If you are interested in settling down in the ACT region permanently, you can take advantage of this amazing state program. Click here to learn more about receiving the First Home Owners Grant ACT!
– First Home Owners Grant TA.
First time home buyers are offered one of the best First Home Owners Grants in all of Australia. The First Home Owners Grant TAS of $20,000 (until 30 June 2020, $10,000 after) is extended to all first time home buyers. There is no limit on the market value for the property being purchased within Tasmania. This means that any first time home buyer is eligible for the First Home Owners Grant TAS, so long as they meet the remaining requirements. Click here to learn more about receiving the First Home Owners Grant TAS!
– First Home Buyers Assistance Scheme.
The First Home Buyers Assistance Scheme (FHBAS) is a program designed to help offset the GST of buying a new property. This tax can potentially be waived for first time home buyers who are building or purchasing their first home for use as a permanent residence. This is a scheme devised to incentivise first time home owners to purchase brand new property. It will allow individuals to bypass the heavy property taxes in a one-off fashion, and in some cases can even work in tandem with the FHOG program of their state. Click here to learn more about eligibility for the First Home Buyers Assistance Scheme in your state!
– First Home Buyer Stamp Duty.
Stamp duty, or GST, is a property tax paid by everyone who purchases property within Australia. This stamp duty is used by the state to reinvest in things such as infrastructure,
health, schools, etc,. This is essentially a stamp used to transfer the buying of property or land. This tax is designed to help boost the general well being of a community, but can often discourage first time home buyers from buying a new home. That is why programs have been created for first time home buyers to allow their stamp duty to become waived. Click here to learn more about First Home Buyer Stamp Duty programs, and if you are eligible!
– First Time Home Buyer.
In Australia, there are loads of programs to assist and incentivise first time home owners. These are individuals who are citizens of Australia, or permanent residents, who wish to build or purchase their first home. These programs typically only apply to brand new homes, and encourage first time home buyers to purchase brand new property. The exact definition of a ‘first time home buyer’ will differ from state to state, but the general idea remains the same. If you are in the market to buy or build your very first home, for long term residence purposes, you could be eligible for these programs. Click here to find out if you qualify as a first time home buyer!