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News & Inspiration

What is the First Home Owners Grant?

May 27, 2020 | Project Homes

It’s the great Australian dream for many: to own a property they can truly call their own. With house prices at near peak levels and in short supply, this dream can often seem a little too ambitious. The good news is, if you’re an Australian who’s ready to get into the property market in Sydney, the New South Wales Government wants to help.

The First Home Owners Grant (FHOG) is an arrangement that involves a one-time lump sum payment towards the property you wish to purchase, as well as a reduction on one or many of the admin expenses associated with buying it. Not only can this grant potentially alleviate the anxieties of whether you can purchase but it can also make a big difference towards the size of your mortgage.

How much is the First Home Owners Grant?

Many people often wonder, “How much is the First Home Owners Grant?” While the grant varies between states and territories, in NSW, you are eligible for a $10,000 payment. However, there are some eligibility requirements that must be taken into account.

Am I eligible for the First Home Owners Grant?

Eligibility is different across states and territories. In New South Wales, you’ll need to satisfy the following criteria:

  • You are a permanent resident or citizen of Australia;
  • You have never received the grant or owned residential property before in any state or territory;
  • You are purchasing the home as an individual (and not as a company/trust or as an investment property), and
  • You will live in the residence for a minimum of 12 months

The FHOG is also dependent on the price of the property. You may be eligible if:

  • You are buying a newly constructed home valued at less than $600,000 or
  • You are buying land, in which the combined value of house and land is less than $750,000

If the value of the home is priced above this range, then you will not be eligible for the FHOG.

It is also important to note that you cannot qualify for the grant if you are buying an existing home.

How to apply for the First Home Owners Grant

If you would like government support, you can apply for the FHOG through your bank or financial institution when you arrange funds to buy your house. The grant is not given to you, but rather your lender at the time of your settlement. It is then directly applied to your home loan.

If you are building a house, the grant will be accessible at the time of your first loan repayment. The funds will be directly put into your bank account or applied to your loan.

Mincove Homes has a stunning range of house and land packages for you, designed to suit your lifestyle and taste. If you would like more information, please contact us on (02) 4256 0222. Alternatively, please book an appointment for a walkthrough in one of our 7 display homes in Goulburn, Calderwood Valley, Wongawilli & Nowra.

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