First Home Owner Grant (FHOG)

Navigating the journey of buying your first home in Adelaide? You’ve likely heard of the First Home Owner Grant (FHOG). In this article, I’ll provide a comprehensive overview of the FHOG, ensuring you’re well-equipped to take advantage of this beneficial opportunity.

What is the First Home Owner Grant (FHOG)?

The First Home Owner Grant is a national scheme funded by the states and territories to support Australians buying their first home. Eligible buyers can receive a one-off grant up to $15,000 to help with the purchase of either a brand new property, or the construction of a new dwelling.

The FHOG can significantly reduce the financial strain of buying a home. By assisting with costs such as deposits, mortgage insurance and other upfront fees, the grant can pave a smoother path to home ownership for many Adelaide residents.

Check your eligibility.

• At lease one applicant must be an Australian citizen or permanent resident
• All applicants are 18 years old or older
• You are purchasing or building a new home that has not been lived in previously (including a unit, apartment, flat or townhouse)
• The property must be your principal place of residence for at least six months within the first year of ownership
• The market value of the property is $650,000 or less where the contract was entered into after 15 June 2023

How can you apply?

You can apply for the FHOG through approved financial institutions, or through your mortgage broker when you arrange your home loan. Alternatively, you can lodge a post-purchase application with RevenueSA in South Australia. It’s advisable to seek guidance from a professional mortgage broker to ensure your application is error-free for the best chance of success.

Conclusion

The First Home Owner Grant is a fantastic way to help you get into the property market.

If you’d like to discuss your options in more detail then feel free to reach out for a friendly chat.