First Home Buyers

Do you want to buy a house so that you can provide a home for your family? If you're among the throng of people who are first home buyers, then you should definitely check out the First Home Buyers and the First Home Owners Grant (FHOG).

What Is FHOG?

The First Home Owners Grant is a program that was introduced during the first of July, 2000. It was created by the government in order to make up for the price increase of houses due to the Goods and Services Tax (GST). Now that houses are less affordable than before, it would be good to take advantage of the FHOG mortgage loan program. This program was created for the purpose of neutralizing the effects of GST on the rates of houses so that many Australians will be capable of buying their own homes. If you plan on applying for the FHOG, then you must first go over the requirements and see if you qualify.

Requirements Of FHOG

  • You should be an Australian citizen who is at least 18 years old.
  • Your first home building contract should be entered on or after this program has been established, which is the first of July, 2000. If you have already entered a home building contract before that date, then you aren't qualified for the grant.
  • You must live in your house for at least six consecutive months within a year of its completion of construction.
  • When applying for this grant, you will have to present various documents so that the state can confirm your eligibility. The application forms as well as the administration of this grant may vary from one state to another.

If you are eligible, then you will be presented with $7000 that you can use for your home. Although you cannot utilize this amount as deposit before signing a sale contract, you can use it for your home payments so that you won't have to shell out as much as you would have if you aren't eligible for the grant. Whether you're paying for your home through a mortgage loan or through cash payments, the FHOG can be of great help to you. After all, that's a full $7000 that you will no longer have to think about. If you're eligible for the grant, you will be able to save a lot of money. This will also help you deal with your finances better.