| |
First
Home Owners Grant ? FHOG
The Federal Government introduced the FHOG in 2000 to assist First Home Buyers meet the cost of buying or building their first homes.
When introduced it was a non means-tested grant of $7,000. However the Rudd Government recently introduced a FHOG "Boost" as part of the package to "stimulate housing activity and give first homebuyers a better chance in the housing market".
Effective immediately, first homebuyers purchasing established homes will be entitled to a $14,000 FHOG (up from the previous amount of $7,000). For those who purchase a newly-constructed home an additional $14,000 will be available, taking their total grant to $21,000.
The FHOG “Boost” was reviewed in the recent Federal Budget and will be available in full until 30 September 2009 and at a reduced rate until 31 December 2009.
|
|
|
|
|
How
Much Can I Borrow?
How much you can borrow,
also known as your borrowing capacity,
will depend on how much of a deposit you
have, your current income and what expense
commitments you have. It will also vary
from lender to lender.
Back to
top ...
|
|
Am
I Eligible For The First Home Owners Grant?
This one-off grant is available to First Home Buyers intending to live in the home they are buying. Basically, you are eligible if you are an Australian citizen or a permanent resident who is buying or building your first home in Australia and intend to occupy it as your principal place of residence within 12 months of settlement. Note that if you are purchasing the property in conjunction with others, they must also meet the same criteria for the grant to be available.
First home owners are only entitled to the full amount of the FHOG Boost if the contract is entered into on or after 14th October 2008 and before 30th September 2009. For contracts entered into from 1 October 2009 to 31 December 2009 they will have access to the Boost at a reduced rate.
Back to
top ...
|
|
What
Will My Repayments Be?
It is one thing to work
out how much you can borrow, but you need
to know if you can afford the repayments.
Back to
top ...
|
|
How
Much Do I Need To Save For A Deposit?
The amount you need as
a deposit will depend on the type of home
loan and the lender you select. Generally
you will require a minimum of 5% of the
property value.
Back to
top ...
|
|
How
Much Do I Need To Set Aside For Stamp Duty?
Stamp duty is a tax levied
on the purchase of a property. It is calculated
according to the purchase price of the
property and the state or territory the
property is situated in.
Back to
top ...
|
|
What
Other Expenses Will I Need To Pay Besides
Mortgage & Stamp Duties?
As a rough guide, you
should budget for between 5-7% of the
purchase price, in addition to your deposit,
to cover fees and charges. While mortgage
and stamp duties will make up the bulk
of this 5-7%, the balance may include;
* Building and pest
reports
* Valuation fees
* Lenders mortgage insurance (LMI)
* Solicitors fees
* Insurances
* Utility connection fees ? phone/gas/electricity
* Council and water rates
* Removalist costs
Back to
top ...
|
|
How
Do I Choose Which Home Is Best For Me?
When deciding on the
area to live in, apart from considering
proximity to family, friends and work
commitments, you will obviously need to
think about prices. Prices will vary greatly
from suburb to suburb.
Back to
top ...
|
|
What
Should I Do Now?
You can make an appointment
with a Your Company Name
consultant by calling <<Phone Number>>.
Back to
top ...
|
