One of the best options to own a home in NSW is to apply for a first home owner grant. The First Home Owner Grant (FHOG) program was introduced on July of 2000 to offset the effect of the GST on home ownership. It is a national scheme funded by the states and territories and administered under their own legislation.
Fully funded by the NSW Government and administered by the Office of State Revenue (OSR), FHOG was established to assist first home buyers to purchase their first home by offering a $7000 grant.
FHOGS is available to people buying or building their first home and who have the following eligibility criteria:
- A person and not a company or trust.
- A permanent resident or Australian citizen.
- At least 18 years of age.
- Applicants and/or their spouse/de facto have not owned a residential property, jointly, separately or with some other person, in any State or Territory of Australia before 1 July 2000.
- Applicants and/or their spouse/de facto have not owned on or after 1 July 2000 a residential property and occupied that property jointly, separately or with some other person in any State or Territory of Australia for a continuous period of at least six months.
- Has entered into a contract for the purchase of a home or signed a contract to build a home on or after 1 July 2000. In the case of an owner-builder, laying of the foundations commenced on or after 1 July 2000.
- Total value of the property does not exceed the $750,000 cap for eligible transactions which commenced on or after 1 January 2010.
- The applicant and/or their spouse/de facto are receiving a grant for the first time under the First Home Owner Grant Act 2000 in any State or Territory (unless subsequently repaid).
- One of the applicants will occupy the home as his/her principal place of residence for a continuous period of at least six months, commencing within 12 months of settlement or construction of the home.
The criteria for eligibility to own a home under FHOG are not too difficult to accomplish. Make use of this opportunity to own a home via the first home owner grant.
