Author 2 Sept 2018 Denis Mackenzie
According to buyers agents there are many Home Loans available to First Home Owners, including No Deposit to 106%.
We specialise in the First Home Owners process and can assist you with the First Home Owners Grant Process.
Compare the different Home Loans available to you, in particular the different No Deposits available to you.
What is the First Home Owner Grant (FHOG) – updated for 2023
First Home Owners Grant Overview
The First Home Owners Grant changes in 2018 has been designed to assist people who are purchasing their first home and complies with BASIX requirements for sustainable housing development.
The Federal government has in place a grant which is applied for by the first home owner and is made available either at settlement if the home loan lender is accredited by the federal government to disburse the first home owners grant funds, or after settlement of the property.
The First home owners grant provides the first home owner with funds to assist in the purchase of a home and may also provide stamp duty concessions depending on the state or territory the purchase is being made.
AussieWise Finance Group specialises in assisting first home buyers with a variety of home loans but also assists with the first home owners grant and ensures that the applciation forms are correctly filled in and actioned by the home loan lender in a timely manner.
We have highlgihted a great deal of information for the first home buyer below so please feel free to browse through and obtain the information you need.
VIC State Government First Home Owners Grant
NSW State Government First Home Owners Grant
QLD State Government First Home Owners Grant
TAS State Government First Home Owners Grant
SA State Government First Home Owners Grant
WA State Government First Home Owners Grant
ACT First Home Owners Grant
NT First Home Owners Grant
VSMA property development
How can AussieWise help with the First Home Owners Grant?
What do I do next?
Broad Principles of the First Home Owners Grant
According to our broker Wayne Saman “To provide a brief snapshot of the first home owners grant we have highlighted below the broad principles of the grant: –
| • | Eligible applicants from 1 July 2000 are entitled to a one-off $7,000 first home owners grant payment |
| • | Eligible applicants for the first home owners grant must be natural persons, who are Australian citizens or permanent residents, who are buying or building their first home in Australia (see legal requirements) |
| • | To qualify for the first home owners grant, neither the applicant nor their spouse (or de facto) must have owned a home prior to 1 July 2000, either jointly, separately or with some other person |
| • | Neither the applicant nor their spouse (or de facto) must have owned and occupied a home after 1 July 2000 to be eligible for the first home owners grant |
| • | Neither the applicant nor their spouse (or de facto) must have claimed the first home owners grant previously |
| • | Entering into a binding contract or commencement of building, in the case of owner-builders, must have occurred on or after 1 July 2000 |
| • | An eligible home will be located in Australia and will be a new or established house, home unit, flat or other type of self contained fixed dwelling that lawfully can be used as a place of residence. |
| • | An eligible home must be occupied by the applicant(s) as their principal place of residence within 12 months of completion of construction or settlement of the home |
| • | Application for the first home owners grant must be made within 12 months of completion of construction or settlement of the home |
| • | The first home owners grant will not be means tested |
| • | There is no tax payable on the first home owners grant |
| • | Joint applicants will be restricted to a single application for a single property and only one payment of $7,000 for the first home owners grant will be made |
| • | If the consideration of the home is less than $7,000 then the amount of the first home owners grant paid to the applicant will equal the consideration |
Depending on the state you purchase a home in there are state based First Home Owners Grant rebates.
As you can see, there are many components to the first home owners grant and AussieWise is there to help you. It’s as simple as contacting us to arrange a free consultation.
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In addition to the First Home Owners Grant the State Governments may also provide you with additional Grants and or Exemptions. Below you will find a summary of each States guidelines.
VIC State Government First Home Owners Grant
There are two levels of assistance in Victoria for the first home owners grant, the first home bonus and also the first home buyers with families.
Please see below for more information on the first home owners grant in Victoria.
First Home Bonus – First Home Owners Grant
| • | Eligible persons will receive $7,000 via the first home owners grant scheme |
| • | First home owners are eligible for a $3,000 bonus if consideration of the property does not exceed $500,000 and if the transaction takes place between 1st January 2006 and 30th June 2007 |
First Home Buyers with Families – First Home Owners Grant
| • | Must have at least 1 dependant child (under 18 and under control of applicant) |
| • | Full stamp duty exemption for properties valued up to $160,000 |
| • | Stamp duty concessions on a reducing scale for properties between $150,000 to $200,000 |
| • | All applicants must have not previously owned a home |
For more information about the VIC First Home Owners Grant please follow this link: –
http://www.sro.vic.gov.au/sro/SROWebSite.nsf/rebates_fhog.htm
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NSW State Government First Home Owners Grant
First Home Plus Scheme – First Home Owners Grant
| • | Eligible persons will receive $7,000 via the first home owners grant scheme |
| • | Full stamp and mortgage duty exemption for homes valued up to $500,000 in NSW |
| • | Stamp and mortgage duty concessions on a reducing scale for homes between $500,000 and $600,000 in NSW |
| • | First home buyers purchasing a vacant block of residential land will pay no stamp duty on land valued up to $300,000 |
For more information about the NSW First Home Owners Grant please follow this link: –
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QLD State Government First Home Owners Grant
| • | Eligible persons will receive $7,000 via the first home owners grant scheme |
| • | Full stamp and mortgage duty exemption for properties valued up to $250,000 |
| • | Stamp duty rebate applies on a reducing scale for properties valued between $250,000 and $500,000 |
For more information about the QLD First Home Owners Grant please follow this link: –
http://www.osr.qld.gov.au/fhog/index.shtml
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TAS State Government First Home Owners Grant
| • | Eligible persons will receive $7,000 via the first home owners grant scheme |
| • | Homes purchased between 20th May 2004 and 30th June 2005 will receive up to $4,000 stamp duty relief for homes purchased for less than $350,000 |
| • | Concessional rate of duty does not apply to the purchase of land unless it is part of a house and land package |
For more information about the TAS First Home Owners Grant please follow this link: –
www.treasury.tas.gov.au/domino/dtf/dtf.nsf/v-fhog/home
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SA State Government First Home Owners Grant
| • | Eligible persons will receive $7,000 via the first home owners grant scheme |
| • | Full stamp duty exemption for properties valued up to $80,000 |
| • | Stamp duty concessions on a reducing scale for properties between $80,000 and $250,000 |
For more information about the SA First Home Owners Grant please follow this link: –
http://www.revenuesa.sa.gov.au/
For immediate advise contact Anton Smolin
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WA State Government First Home Owners Grant
| • | Eligible persons will receive $7,000 via the first home owners grant scheme |
| • | First home buyers will get a full exemption from conveyance duty on homes up to $220,000 |
| • | Homes valued between $220,000 and $300,000 will receive a partial exemption |
| • | First home owners buying vacant land and building a home will receive full rebate on land values to $100,000 and a partial rebate on land values to $150,000 |
For more information about the WA First Home Owners Grant please follow this link: –
http://www.dtf.wa.gov.au/cms/osr_content.asp?ID=344
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ACT First Home Owners Grant
| • | Eligible persons will receive $7,000 via the first home owners grant scheme |
| • | Minimum duty ($20) payable on properties valued less than $273,000. Concessional duty is payable for properties valued between $273,000 and $375,000 |
| • | Minimum duty ($20) payable on a vacant block of land valued less than $107,000. Concessional duty payable for a vacant block of land valued between $107,000 and $158,000 |
For more information about the ACT First Home Owners Grant please follow this link: –
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NT First Home Owners Grant
| • | Eligible persons will receive $7,000 via the first home owners grant scheme |
| • | If property is your first home anywhere in the NT, then you may be eligible for a concession of up to $3,640.60 on the total stamp duty payable |
| • | Property may be an existing home or land to build a new home |
For more information about the NT First Home Owners Grant please follow this link: –
http://www.nt.gov.au/ntt/revenue/home_incentives.shtml
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How can AussieWise help with the First Home Owners Grant?
AussieWise have access to over 40 residential lenders and the great majority have approval to process the First Home Owners Grant and make these funds available at time of settlement.
AussieWise Finance Group will assist you in applying for the First Home Owners grant and also ensure you receive all the entitlements you are eligible to receive such as stamp duty concessions.
We will assist you in filling out the application and ensure that the First Home Owners Grant forms are completed accurately and that the supporting documentation is certified and ready for you at settlement time.
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What do I do next?
Simply contact AussieWise Finance Group to find out if you’re eligible to receive the first home owners grant or other concessions associated with the first home owners grant.
Our consultants are well versed with the first home owners grant and also have a vast range of home loan products to suit your needs from no deposit home loans through to 106% home loans.
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