For many Australian residents seeking to either build or own their first home today, the relieve that comes with the financial help from the federal government is always a positive gesture. The first home owners grant scheme in Australia or FHOG as is commonly known was introduced in July 2000 with the aim of helping to cancel out the effects of the Goods and Services Tax or GST. This has however been carried on to date as an incentive to the first home builders and buyers. As a national scheme that is government funded, the FHOG is administered according to the legislation in different states although the total grant is the same throughout the country. One is entitled to a grant of up to $7000 and this is normally a once in a lifetime grant that is given to those who meet all the eligibility requirements.
Eligibility for the first home owners grant scheme in Australia
For one to qualify for the aforementioned grants, the following requirements must be met in addition to others that might be in effect in any given state. First you must be an Australian citizen or a permanent resident. You must be building or buying your first home in Australia.
You must also be planning to occupy the home as your main residence place within 1 year of settlement and thereafter settle therein for 6 months minimum. Continue reading The First Home Owners Grant In Australia