The First Home Owners Grant (FHOG) is an initiative which was established by state governments to assist home buyers with fee’s and stamp duty costs when purchasing their first home. The grant will vary from state to state across Australia
Who is eligible for the grant?
- You must be an Australian citizen or a permanent resident of Australia
- You must intend to live in the home as your primary residence within 12 months of settlement
- There are no income restrictions or areas in which you plan to buy or build
- You must be buying or building your first home in Australia
- If your planning to purchase your first home with another person both of you must meet the eligibility criteria.
First Home Owners Grant – Western Australia
The 2015-16 State Budget included a measure to abolish the FHOG of up to $3,000 for the purchase of established homes.
This change came into effect on the 03 October 2015. A first home owner who purchases an established home on or after this date will no longer be eligible for the $3,000 government grant. However, if the property value is $530,000 or less they may still be eligible for the first home owner rate of duty concession.
For more information and to see if you are eligible, please contact us.
The First Home Owners Grant will remain unchanged at $10,000 for ‘new’ homes in Western Australia.
Payment Times Vary
Each state and territory have rules as to what buildings are FHOG eligible, and the timing of payment. Therefore, it’s important to check out their websites. Usually payment of the grant allows for the following:
- Established property for renovation – Payment is at the time of settlement.
- Building contract – Funded at the time of the first progress payment.
- Owner builder – Disbursed on receipt of the Certificate of Occupancy.
- New home – Remunerated at settlement.
- Off-the-plan purchase – Paid at the time of settlement.