What is the First Home Owner Grant?

What is the First Home Owner Grant?

What is the First Home Owner Grant? | What’s a “new home?

In certain states and territories In some territories and conditions, the FHOG could be helpful when you purchase or construct a ‘unique’ house. The property is newly built and has never been previously used or sold as a house.

A house can be considered brand new if it’s been extensively upgraded. This means that most of the structure must have been altered, repaired, or replaced.

Do I have the FHOG for me to purchase an investment property?

The FHOG is available only when you purchase a property to live in. You must live in the home as an owner-occupier for at minimum six months. The grant is intended to help people who need an area to live in, not investors looking to invest in property.

First Home Buyer Information by territory or state

Finding the money to purchase your first home could be challenging. However, there might be financial assistance available depending on where you live.

Australian Capital Territory

A First Home Owner Grant in the ACT has allowed eligible homeowners to purchase their first significantly renovated house valued at $750,000and up to $7,000.

These concessions are also available for stamp duty contingent on the income threshold and the number of dependents.

Find the most up-to-date information about the first homeowner from the Revenue ACT’s website.

New South Wales

This First Home Owner Grant (New Home) is worth $10,000 for first-time homeowners who

  • buy or construct their first home in that nobody has ever lived in before and is worth less than $750,000
  • buy a brand new house or substantially updated home that has a value of less than $600,000.

The NSW Government’s Affordability Plan in 2017 first-time homeowners pays no stamp duty for newly built or existing first homes valued between $650,000 and $750,000. There are additional reductions on stamp duty for homes that cost between $800,000 and $650,000.

Find the most up-to-date first homeowners information at Revenue NSW’s website. 

Northern Territory

A First Home Owner Grant within the NT is a cash grant for first home buyers who purchase a new house.

Homebuyers may be eligible for the BuildBonus grant and the Territory discount for homeowners.

Find the most current first-home proprietor information from the Northern Territory Government website.

Queensland

The First Owner Grant for Home Owner Grant in Queensland is worth $15,000 when you purchase or construct a new house priced lower than $750,000.

Stamp duty reductions are available for both established and new properties. The maximum concession of $8750 applies to homes that are valued between $504,999 and $549,999. The concession drops to $875 on homes that cost $549,999. First-time homebuyers who plan to purchase land now and build later are not required to pay taxes on land that costs more than $400,000.

Find the latest first-home proprietor information from the Queensland Government website.

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