The Federal Government came up with a scheme for States and Territories to provide a First Home Owner’s Grant (FHOG) to people who are purchasing their first home in Australia.
The State governments boosted this further by offering stamp duty exemptions and concessions. In recent times, many of these benefits have been revoked and may only apply for the purchase or construction of brand new dwellings. It is definitely worth checking out what is available to you in your state so that you know early on what you may be entitled to.
As the government benefits for first home buyers is in constant change, make sure you check the websites of the Office of State Revenue in your state for the most up to date information.
New South Wales
Australian Capital Territory
As a First Home buyer, what should you do next?
If you would like assistance in working out how much you need to contribute if you qualify for any government incentives, give us a call on 13 72 62 and speak to an experienced credit manager who will calculate this for you.