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Grants and Assistance

The First Home Owners Grant (FHOG) was introduced around the same time as the GST to help out first homebuyers financially when buying their first home. Originally it was introduced as a $7000 bonus, however later on the government gave an additional grant of another $7000 (total - $14,000) for first homeowners building a home. More recently the additional grant was reduced to $3,000.

The FHOG is non-means tested, which means that providing you satisfy the required criteria, you can get the grant regardless of assets, income, price, or location of the property. The grant is also not taxed, and is obtained through your respective states revenue office. You can go to their websites and download an application, or you can ask your broker if your respective lender will process the FHOG application for you. Some will, some won't. Those that do will more than likely put it straight into your loan account, which is a good thing, unless you make prior arrangements with them.

To be eligible for the FHOG you must first satisfy all the requirements below:

This is the first time you or your spouse/ de facto will receive a grant under the First Home Owner Grant Act 2000 in any State or Territory of Australia.
You and your spouse/de facto have not owned before 1 July 2000 a residential property, jointly, separately or with some other person, in any State or Territory of Australia.
You and your spouse/de facto have not owned on/after 1 July 2000 a residential property and occupied that property (other than the property to which your application relates) jointly, separately or with some other person in any State or Territory of Australia.
Each applicant is a natural person and not a company or trust.
Each applicant for the grant must be at least 16 years of age. The Chief Commissioner may allow an exemption from this requirement if satisfied the home will be occupied, as the applicant's principal place of residence and the application does not form part of a scheme to circumvent eligibility or entitlement requirements.
At least one applicant is a permanent resident or Australian citizen.
At least one applicant will occupy the home as their principal place of residence within 12 months of settlement or construction.
You have entered a contract for the purchase of a home on/after 1 July 2000 or signed a contract to build a home on/after 1 July 2000. In the case of an owner-builder, you commenced laying foundations on/after 1 July 2000.

The grant can actually be used for anything, however if you're smart you'll realise that it's a bonus that you wouldn't normally have received, and put it into your loan facility. If you and your broker have been smart, the money will still be there for you to use when you want to or need to, however while it's sitting there it's helping pay off your loan more quickly! The other option is to use it towards the extra costs of the purchase, such as the stamp duty or legal fees.

As a first homebuyer, you may be entitled to stamp duty discounts or rebates; depending on your situation or the state you are buying in. You can find more information on stamp duty rebates in your respective states revenue offices websites listed below:

www.ato.gov.au (Australian Tax Office)

www.revenue.act.gov.au (ACT Revenue Office)

www.osr.nsw.gov.au (NSW Office of State Revenue)

www.nt.gov.au/ntt/revenue (NT revenue Office)

www.osr.qld.gov.au (QLD Office of State Revenue)

www.treasury.sa.gov.au/revenuesa/ (SA - Revenue SA)

www.treasury.tas.gov.au (TAS Treasury and Finance)

www.sro.vic.gov.au (VIC State Revenue Office)

www.srd.wa.gov.au (WA Office of State Revenue)