FIRST HOME OWNERS GRANT

The First Home Owners Grant (FHOG) scheme began in July 2000. It was designed to reduce the effects of the GST on the housing market. The scheme is national, but the states have different regulations and figures, which can be found here.


The amount available for First Home buyers (through additional bonuses on top of the grant) has fluctuated between 2000 and now. Prior to June 2012, the FHOG was supplemented by a First Home Bonus and a Regional Bonus. These ranged from $2,000 to $13,000 (on top of the FHOG) between May 2004 and June 2012. For contracts signed after June 2012, the FHOG is up to $7000.


The bank that you take out a mortgage with will help you sort out the relevant paperwork, or alternatively you can find application forms online (this link if for Victoria, however all states would have similar forms available).


Disclaimer: The postings on this site are my own and don’t necessarily represent the views or opinions of Total Financial Solutions Australia (AFSL# 224954)


This information does not take into account the reader’s objectives, financial situation or needs. For this reason, before you act on this advice, you should consider the appropriateness of the advice taking into account your own objectives, financial situation and needs. Before you make a decision about whether to acquire a financial product, you should obtain and read the product disclosure statement.


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