There are so many variables that come into play when you are a first time home buyer. How much can I borrow? Do I need a mortgage broker? What will my loan repayment look like? It’s easy to get overwhelmed when you’re bogged down by so many moving pieces and industry terms. 

But that’s where LiveInvest comes in! We’re the experts that Australian first time home buyers trust to guide them through their biggest purchase ever. So what’s the single most important thing first time home buyers should be aware of? 

First Home Owner Grants.

What is a First Home Owner Grant?

The First Home Owner Grant or ‘FHOG’ as you might see it referred to as is a program that the government introduced a little over 20 years ago in order to offset the cost of GST on first time home buyer’s homes. In short, the FHOG is a scheme that’s meant to make the cost of homeownership more affordable to Australians that are first time home buyers. It is the financial bridge that the government is offering you in order to encourage you to buy your first home!

It sounds simple, but this has major financial benefits to you as a first time home buyer. 

How does a First Home Owner Grant Work?

The FHOG is a national program, but each state and territory funds and manages it differently. This means grant amounts and eligibility rules vary by location. In most states, you qualify if you buy a new home that hasn’t been lived in or build a brand-new home from scratch. We’ve broken it down by state below.

What grants are currently on offer in your state or territory?

First Home Buyers in New South Wales

New South Wales provides $10,000 towards the purchase price of the home, in addition to the First Home Buyers Assistance Scheme benefits which provides a discount or exemption on transfer duty. To be eligible for the FHOG, you must be buying or building a brand new home that costs less than $750,000.

First Home Buyers in Victoria

Victorian residents can receive $10,000 when they buy or build their first new home. If you build in regional Victoria, you can get $20,000, but only until 30 June 2021. The house must cost no more than $750,000 and serve as your primary residence.

First Home Buyers in Australian Capital Territory

As of July 2020, the FHOG has been replaced by the Home Buyer Concession Scheme, which removes full duty for eligible buyers. To qualify, the combined gross income of all buyers and their partners must be between $160,000 and $176,650, depending on the number of children. Buyers must also live in the home continuously for the first 12 months. That’s a significant saving!

First Home Buyers in Queensland

As of July 2020, the FHOG has been replaced by the Home Buyer Concession Scheme, which removes full duty for eligible buyers. To qualify, the total gross income of all buyers and their partners must fall between $160,000 and $176,650, depending on the number of children. Buyers must also live in the home continuously for the first 12 months. Talk about serious savings!

First Time Home Buyers in South Australia

They are entitled to $15,000 for their first home so long as the market value of the home does not exceed $575,000.

First Time Home Buyers in Western Australia

WA residents can receive $10,000 when buying or building a brand-new home. If you purchase an established home, you may be eligible for the concessional first home owner rate of duty instead. Contact us if you’d like help understanding these guidelines. In both cases, the home must be your primary residence for at least six months, starting within 12 months of the transaction.

First Time Home Buyers in Tasmania

First home buyers building or buying a brand-new home in Tasmania may be eligible for a grant of up to $20,000. They must live in the home for at least six months, starting within 12 months of the purchase.
Alternatively, first-time buyers purchasing an established home may qualify for a 50% First Home Owner duty concession on eligible properties valued at $400,000 or less.

First Time Home Buyers in Northern Territory

Northern Territory provides $10,000 towards the purchase price of the home for any first time home buyers who are buying or building a brand new home.

Why choose LiveInvest as a first time home buyer?

• Fast Approvals: When you’re a first-time home buyer in a competitive market, time matters. You need a mortgage broker who understands this. We know fast results are important to you. With fast-track loan options and a streamlined application process, LiveInvest works to get your loan approved sooner.
• Convenience: First-time home buyers are hardworking and busy. Your time is valuable. At LiveInvest, we put customers first, so you don’t waste time in waiting rooms or bank queues. Flexibility is one of our core values. Our brokers meet you at the time and place that suits you best.
• Range: We offer loan products to suit every first-time home buyer. Everyone’s situation is different, so we tailor solutions to your specific needs. Tell us your requirements, and we’ll find an affordable option for you.
• Relationship: Our service doesn’t end at settlement. We continue to support you even after your loan is approved. This ensures you always have access to the best finance solutions available.
• Network: We partner with top local professionals and businesses. This helps you receive the right advice and high-quality service at every step.

Use our mortgage affordability calculator to figure out what your loan repayment might look like. If you’re a first time home buyer and are interested in hearing more about the First Home Buyer Grant, call us today at 1300 831 288!