Leave all your loan worries aside.
Introduction to First Home Owner Grant:
Every first home buyer is eligible for several state funding schemes to help get you into your own place sooner. As well as savings on stamp duty, you may also qualify for a one-off payment called the First Home Owner Grant.
This grant can be claimed only when you have settled on a property, and it can’t be used for building or purchasing an investment property. It can also only be claimed once in your lifetime, so make sure you’re fully prepared before making this important decision.
It is important to do your research and plan ahead – that way there won’t be any surprises when it comes time to settle on your new home!
First Home Owner Grant (FHOG) Eligibility:
The FHOG eligibility depends on which state or territory you are planning on buying your first home and how much buying budget you might have and whether you already own a home. Terms and conditions vary from state-to-state, and research needs to be done to check your eligibility status.
Some common eligibility criteria are as below:
- Be aged 18 years or over
- Be a permanent resident or Australian citizen
- Plan to live in the property as your home for at least six months
- Have never previously owned your own home in Australia.
FHOG is not applicable for buyers looking to buy an investment property.
Unless you plan to live in the property, the grant is unavailable for investment purchases of property.
Simple steps to help you buy your first home:
1. Find an expert in the field: Talk and take advice from a loan broker who has years of experience in dealing with home loans in the state you are looking to buy your first home in.
2. Your home loan appointment: Make sure to equip yourself with the correct documents when you go for your loan appointment. Paperwork such as below –
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- Recent bank statements, pay slips and group certificates that provide evidence of your income, spending and your saving history
- Details of your current assets and liabilities including any personal loans, investments, credit card debts, car repayments and so on
- A summary of your usual household and living expenses
- Personal ID such as birth certificate, driver’s licence, current passport or citizenship certificate
3. Submitting your application: Your loan broker can help you collect the right paperwork and can then guide you through the application process.
4. Getting conditional & unconditional approval
5. Review your loan documents
6. Sign your loan documents
7. Confirmation of settlement
8. Finalise transactions
9. Loan and property will be settled – Congratulations!