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First Home Owner Grant – Am I eligible for the First Home Owner Grant?

As a first time home buyer, the prospect of finding the right home loan, the right property, plus dealing with stamp duty and other financial considerations can be an extremely daunting task. In order to encourage more and more individuals to purchase their own home, the Australian Federal Government introduced the First Home Owner Grant.

What is the First Home Owner Grant?

On 1 July 2000, the Federal Government introduced the First Home Owner Grant or the FHOG scheme to counterbalance the effect of the GST on home ownership and to encourage and promote Australians to purchase their own home. The First Home Owner Grant is offered Australia wide and is funded and administered under the legislation of each individual State or Territory. Under the First Home Owner Grant a one off grant is payable to the first time home owner on the condition that certain criteria are met. The First Home Owner Grant is not means tested, which means anyone can apply for a First Home Owner Grant irrespective of their financial background.

What are the Eligibility criteria to obtain a First Home Owner Grant?

• Only Australian citizens or permanent residents buying or building their first home in Australia are entitled to the First Home Owner Grant.

• The property being purchased with the First Home Owner Grant must be a recognised fixed dwelling specifically created for residential purposes.

• The applicant of the First Home Owner Grant must occupy the purchased home within twelve months of settling the purchase or completion of building.

• The application for the First Home Owner Grant must be lodged within 12 months of settlement or completion of building.

• The First Home Owner Grant must not have been previously claimed by the purchaser.

• Additional eligibility criteria are also applicable by the government of each State or Territory, so make sure you check with your local authority prior to application.
 
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