Are You Eligible for the First Home Owner Grant?

With soaring real estate property prices, the Australian dream to own a house keeps getting further from one’s reach. However, since July 2000 the government of Australia made available the First Home Owner Grant (FHOG). This scheme helps eligible individuals in buying their first home with a grant amounting to $10,000.

Receiving a First Home Owner Grant in NSW is a great help to young couples and families looking to buy their first home.

For Australians that are interested in this grant, there are several eligibility requirements:

• You must over the age of 18.

• The home you plan to buy must be brand new and its value must not be higher than the FHOG cap of $750,000.

• Either you or your spouse, de facto spouse included, have never had an interest in residential property in Australia prior to 1 July 2000, the date when FHOG was introduced. One of you must also be a permanent resident or an Australian citizen.

• You must not have accepted an FHOG in any state other than NSW, unless it has been repaid.

• You must live in the home for at least six months straight.

• Applicants must be individuals and not companies or trusts.

Aside from eligibility requirements for the FHOG applicants, the homes individuals in the program plan to buy should also adhere to a set of prerequisites. An applicant’s prospective home should have no history of being purchased as a residence. Hence, the first sale of a home should go to the FHOG applicant.

The Australian dream of homeownership isn’t that impossible if you come to think of it. It’s all up to the buyer on how to hunt down an impressive deal, financial assistance and of course, how to keep the home.