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.
You should also be able to check with the state which you intend to apply for the grants, build or buy a home in order to understand what the requirements are. In addition to the aforementioned requirements, those people seeking to buy a home jointly with others will also have to ensure that their partners in the venture do also meet the set requirements. This is an important aspect that should be understood since disclosure of such details such as the partnership will have to be done.
One of the best advantages that come with the first home owners grant scheme in Australia is that no matter what your income is, you will be given the money as long as you do meet the set requirements. It will also be very important to note that the price of property that the first buyer targets is restricted to a certain amount if one is to benefit from the first home owners grant scheme in Australia. These caps can be found depending with the area where one wants to buy the property.
Depending with where one wants to buy or build the home, there are different bonuses and additional grants which one can benefit from. For example those people living and willing to build or buy a house within Queensland will be able to benefit from a Queensland building boast grant which runs up to $10000. The requirements tied to these additional grants and bonuses should also be understood and met if one is to enjoy them. It is always important to talk to a reliable mortgage consultant when seeking to obtain the FHOG in Australia to understand any other additional factors that are normally relevant during the application process.