At Trusted Financial Choice, we know buying your first home is a significant milestone, and we’re here to help you navigate the process. One of the biggest perks of being a first home buyer in Australia is the First Home Owner Grants (FHOG).
What is the First Home Owner Grant (FHOG)?
The FHOG is a one-time payment designed to help first-time buyers with the costs of purchasing or building their first home. It’s available to Australians who haven’t previously owned a home.
Did you know that each state and territory offers different grants and incentives? Additionally, the specific amount and eligibility criteria can also differ from state to state.
State-by-State Breakdown:
Here’s a quick look at the First Home Owner Grants across Australia. Keep in mind each state has their own Price Cap (the amount that the home you are buying / building should be) & indvidual Eligibility Critera for each state.
Victoria
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- Grant Amount: $10,000 – if you buy a newly built home or if you choose to build a home from scratch
New South Wales
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- Grant Amount: $10,000 – either newly constructed or ‘substantially renovated’
Queensland
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- Grant Amount: $15,000 to $30,000 – either newly constructed or ‘substantially renovated
Western Australia
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- Grant Amount: $10,000 – once off payment
South Australia
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- Grant Amount: $15,000 for new homes.
Tasmania
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- Grant Amount: $10,000 – once off payment
Northern Territory
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- Grant Amount: $50,000 for new homes and $10,000 for established homes
Australian Capital Territory (ACT)
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- Grant Amount: The ACT no longer has a First Home Owners Grant, however, buyers have an alternative option in option the Home Buyer Concession Scheme (HBCS).
How can Trusted Financial Choice Help;
We specialise in helping first home buyers understand and access the grants available in their state. Whether you’re buying in Victoria or Queensland, we’ll guide you through the process and help you through the eligibility criteria, ensuring you don’t miss out on any opportunities to secure your dream home.
For more information about how we can assist you with your first home purchase, reach out to our team today!