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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.

This FHOG "Boost" will be available on all contracts entered into by 30 June 2009

In some states additional bonuses may be available. Please give us a call to discuss your opportunities and for assistance in accessing the FHOG.

What Will My Repayments Be?

How Do I Choose Which Home Is Best For Me?

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.

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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 FHOG Boost if the contract is entered into on or after 14th October 2008 and before 30th June 2009.

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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.

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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.

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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.

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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

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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.

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What Should I Do Now?

You can make an appointment with a Your Company Name consultant by calling <<Phone Number>>.

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