First Home Owners
THE FIRST HOME OWNER GRANT
The Australian Government offers the First Home Owners Grant (often referred to as FHOG), as a one-off financial grant, to eligible home buyers who are buying or building their first home.
The FHOG is aimed at helping eligible first time buyers by providing them a lump-sum payment to offset purchase costs including transfer duty (stamp duty) and legal fees.
If you’re a first home buyer and you’re buying or building a new home, you may qualify for a $10,000 grant under the First Home Owner Grant (New Homes) scheme.
You can make a claim for the First Home Owner Grant if your:
- new home has a total value less than $600,000
- land for building and any dwelling you intend to build has a combined value less than $750,000
Other eligibility requirements
- you must be an individual, not a company or trust
- you must be over 18
- you, or at least one person you’re buying with, must be an Australian citizen or permanent resident
- Generally, you won’t be eligible for the First Home Owner Grant if you or your spouse:
- have previously owned or co-owned a home in Australia or
- have received an Australian first home owner grant.
- You may still be eligible if you purchased a residential property after 1 July 2000 and didn’t live in it for more than six continuous months.
NSW Government First Home Buyers Incentives
The NSW Governments incentives currently available for first home buyers includes:
- abolish stamp duty on all homes up to $650,000
- stamp duty relief for homes up to $800,000
- provide a $10,000 grant for builders of new homes up to $750,000 and purchasers of new homes up to $600,000
- abolish insurance duty on lenders’ mortgage insurance
Ashmont Homes is working in conjunction with Federal & State Government initiatives by offering to first home buyers, a new home package that focusses on maximising value, without compromising on quality or inclusions.