Can I Get the First Home Owners Grant?
South Australia’s First Home Owners Grant can help you get into the property market. Adelaide mortgage broker Dom Cassisi explains how it works.
Looking forward to the purchase of your first home? The prospect is an exciting one! It can also be a little daunting, and certainly challenging to tick all of the boxes required to secure a home loan.
As you plan out the necessary steps to achieve your goal, don’t forget about the possibility of an First Home Owners Grant (FHOG).
The FHOG is a government provision designed to help ease some of the burden of your first property purchase.
We’ve put together key information about how to take advantage of this special grant.
How FHOG Works
You could be eligible for the one-off FHOG if you are purchasing or constructing your first home. As of 30 June 2014, an established home (one already built and previously lived in) is not eligible as a new home.
Your new residential property in South Australia may include the following:
How much am I entitled to?
The size of the grant you qualify for varies depending on your intended purchase. Your grant could range from $5000 up to as much as $21300. View the different grant options here.
How to Qualify
The main criteria you need to know to qualify for FHOG is as follows:
– You must be an Australian citizen/permanent resident and at least 18 years of age at the time of making the application
– You or your spouse or domestic partner (the other applicant) must not have held residential property in Australia before 1 July 2000
– As of 1 July 2000, neither you nor your spouse/domestic partner should have lived in a property of interest for six months or more
– Market value of your property cannot exceed $575 000.
– Within a year of completing the transaction, you and any other applicants must make the property your primary residence for at least six consecutive months
– The grant is only available to “natural persons” (e.g. not a trustee or company)
What if you entered into a transaction between 5 June 2008 and 14 October 2012?
The good news is that you can still qualify for other government grants.
What do you have to do?
Lodge your application for a First Home Owner Grant Application with RevenueSA.
Alternatively, talk with your mortgage broker (if you don’t have one, Funding Options can help you).
Have any questions?
Find out more by reaching out to our expert team here at Funding Options.
We’ll help you access the best loans available, and make your property dream a reality!
Contact us for a no obligation chat about your plans.
– Dom Cassisi, Managing Director