First Home Owners Grant

What you need to know about the First Home Owner Grant….

The only thing more fun than trying to decipher pages and pages of the property legistation is well…..everything!!

If you’re a first home buyer in South Australia, the first home owners grant (FHOG) could be a huge boost to your deposit. But working out how it actually works isn’t easy, right?

We think you deserve to know what you’re entitled to without having your eyes glaze over…

 

IT’S BASICALLY FREE MONEY…..

Introduced in 2000, the First Home Owners Grant are nation-wide government grants for first home buyers, designed to off-set GST and help first home buyers enter the property market sooner.

HOW DOES THE FIRST HOME OWNERS GRANT WORK?

Under the First Home Owners Scheme, the First Home buyers (individual or couples) can apply for $15,000. This grant money can contribute to the cost of either purchasing or building a new home in South Australia. To help you enter your first home sooner, this money can be put towards a deposit for either purchasing or building a new home. According to current South Australia rules, the house you build must be worth $650,000 or less. And, as the new home owners grant isn’t means tested, you’re eligibility does not depend on your income.

HOW MUCH IS THE FIRST HOME OWNERS GRANT IN SA?

In 2020, the first home owners grant South Australia entitles you to $15,000 to put towards a new residential dwelling (valued at a total of $650,000)

ELIGIBILITY – DO I QUALIFY FOR THE FIRST HOME OWNERS GRANT?

First home buyers are considered eligible to receive the South Australian first home buyers grant if you meet the following criteria.

    • if yourself or your partner is an Australian resident or has permanent residency.
    • you haven’t previously owned a residential property in Australia or after July 1st 2000.
    • The newly built or purchased home must be your primary residence for at least six months (within 1 year of completion)
    • you must be a natural person (i.e; not a company or trustee)
    • you must be at least 18 years old when applying for the FHOG.
    • The home must be valued at $650,000 or less (including the build contract and land value)

APPLY FOR FIRST HOME OWNERS GRANT

There are two ways to apply for the First Home Owner Grant. You can either apply through an approved bank lender or the South Australia Office of Revenue.

For more information, check out…

https://www.revenuesa.sa.gov.au/first-home-owners-grant

The information contained in this article is not legal or financial advice and should not be relied upon as a substitute for professional advice. Consumers should make their own independent inquiries and consider the need to obtain any professional advice relevant to their circumstances. 

Want to know more?

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Phone

(08) 8724 7533

Email

sales@steplen.com.au

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