To kick off our list is the First Home Owner Grant (FHOG). This is a national scheme that was introduced in July 2000 to offset the effect of the GST on home ownership. Fast forward to 2022, this scheme now works as an economic stimulus tool, providing a one-off lump sum payment to eligible first home buyers that satisfy all the eligibility criteria. This eligibility criteria will depend on where you live, as each state and territory funds and administers the scheme under their own legislation.
How much is the First Home Owner Grant?
How much you can receive through the FHOG depends on where you live.
New South Wales, Victoria, Western Australia and the Northern Territory all offer FHOGs worth $10,000. Queensland and South Australia sit a bit higher, at $15,000; and Tasmania is at a generous $30,000. The FHOG in the Australian Capital Territory was scrapped from 1 July 2019, and replaced with stamp duty savings worth up to $35,910 as of FY 21/22 (more on this later).
Am I eligible for the First Home Owner Grant?
In states and territories where the FHOG is up for grabs, it’s generally only available if you buy or build a brand new home or purchase a substantially renovated home.
You’ll typically need to meet the following criteria to be eligible for the FHOG:
- You must be an Australian citizen or permanent resident aged over 18.
- You must be a person buying or building a home, not a company or trust.
- You or your spouse, partner or co-purchaser must not have previously owned a home you have lived in.
- You or your spouse, partner or co-purchaser must not have previously received the FHOG.
- You must live in the home for at least six months after you’ve purchased or built it.
Finer points of eligibility may apply in each state and territory, such as the price of the property, so make sure to read up on the relevant criteria to see if you fit the bill, before making an application.