What You Need to Know about the First Buyer Grant

Are you ready to take action and purchase your first home? No matter how old you are and what you're doing, buying your first home is always an exciting and incredible milestone. After all, you're going to own property all to yourself. However, the process is also undeniably daunting. Problems can arise in so many ways to hamper your ability to own a home, and one such problem is not understanding or being aware of the first buyer grant!

Today, we want to talk about the first buyer grant and what it all means to you:

What Is the First Buyer Grant?

The first buyer grant, also known as the First Home Owner Grant (FHOG), is a one-off payment to help first home buyers to buy or build their first home. In other words, it grants you money to help you finally become a homeowner! That said, the payment is made by the State or Territory government, and the amount that it grants can differ from one state or territory to the other.

What Is the Eligibility Criteria for First Buyer Grant?

The eligibility criteria for the First Home Owner Grant (FHOG) vary from state to state, but generally speaking, you must:

1. Be an Australian citizen or permanent resident, or a non-resident with a special category visa
2. Be 18 years of age or older
3. Be buying or building a new home as your principal place of residence
4. Have not previously owned or had an interest in a residential property in Australia
5. Occupy the home within 12 months of settlement

For more information on the FHOG, please visit the Australian Government's website.

How Do I Apply for and Get the First Buyer Grant?

If you meet all of the above criteria, you can apply for the First Home Buyer Grant by completing an application form and submitting it to the relevant state or territory government body.

The grant amount varies depending on the state or territory you live in, but it is typically $10,000. Remember that this amount can vary quite drastically from one territory to the other, so be sure to check what amount is available for grants in your location. For example, if you live in the Northern Territory, you can be eligible for $10,000. On the other hand, if you're in South Australia, you can enjoy a grant as high as $15,000!

Once you have applied for the grant, the government body will assess your application and let you know if you have been successful. If you are successful, you will need to provide proof of purchase or construction of your new home to the government body to receive the grant.

Conclusion

All in all, if you're a first-time homebuyer looking to save as much money as possible for your first home, the first buyer grant is a must-have in your financial arsenal. Remember, you can only get it on your first home, so you might as well go for it to save as much money as possible that can later be used for other things, such as renovations and more.

Wealthy You is an Australian mortgage company that services in Sydney, offering a wide variety of mortgage solutions to meet specific financial needs. If you are looking for a mortgage broker, get in touch with us today!