Government grants:

The following are some of the criteria which must be satisfied to qualify for the First Home Owners Grant (FHOG):

• You must be a natural person (cannot be a company, trust etc.);
• You must be a permanent resident or Australian citizen at least 18 years of age;
• You (and your spouse or de facto) must not have previously owned residential property, jointly, separately or with some other person in Australia;
• You must occupy the home within 12 months of settlement or within 12 months of the home being built (if newly built home);
• The home must be occupied for a continuous period of 6 months;
• The purchase price must not exceed $835,000.

Our Sydney Mortgage Brokers assist first home owners by ensuring that they qualify for the First Home Owners Grant (FHOG) and by helping to complete the relevant FHOG paperwork as part of the home loan application. We do not charge any extra fees for this service.

Applications for the grant must be made within 12 months of the settlement or of building completion. Speak to one of our Sydney Mortgage Brokers for more information about how we can help you apply for the First Home Owners Grant (FHOG).

Stamp duty is, in general terms, the tax you are required to pay to the State Government when you purchase property. In New South Wales, the First Home Plus Scheme offers first home purchasers an exemption or discount on the stamp duty payable on the purchase. Similar eligibility criteria to the FHOG apply to the First Home Plus Scheme.

Unfortunately, an amendment to the Duties Act which is due to come into force on 1 January 2012 replaces the “First Home Plus Scheme” with the “First Home – New Home Scheme”. The First Home – New Home Scheme restricts the exemption or concession to first home purchases of newly constructed properties.