Attention NSW first home owners to-be: no kidding, property prices here are ridiculously high. And so, you may want to consider getting a little financial help to offset the tremendous upfront costs involved. As such, you may want to look into the NSW First Home Owner Grant.y
The First Home Owners Grant is one among the many first home grants NSW mortgage seekers should definitely take advantage of. Why? It only saves you $10,000 upon your purchase of your home!Â
Keep reading to find out how to get started with your FHOG NSW application and more.
What is the NSW First Home Owner Grant?
The NSW FHOG is a state grant worth $10,000 for aspiring NSW first home owners. It is a lump sum payment awarded by the government to eligible applicants when they purchase their first house, townhouse, or apartment that is
- newly built;
- purchased off the plan; or
- substantially renovated.
When to apply for First Home Owners Grant?
You can apply for the NSW First Home Owner Grant when you’ve found a newly-built or substantially renovated property less than $600,000.
If you purchase vacant land and sign a building contract, the total combined cost must be less than $750,000.
To be eligible for the application for First Home Owner Grant, you must:
- Be at least 18 years of age
- Buy as an individual, not a trust or company
- Be an Australian resident or permanent resident
- Not have owned a property before 1July 2000
- Have lived in your property within 12 months of its construction or purchase, for at least 6 consecutive months (members of the Australian Defence Force are exempt)
- Not have received a First Home Owner Grant elsewhere
Apply for First Home Owners Grant in NSW
Here’s how to apply for first home buyers grant NSW in two ways (do this within 12 months of settling on your new home):
- Lodge your NSW FHOG application through an approved lender. Click here for a full list of all approved lenders.Â
- If your purchase or construction of your first home is completed, file your first home buyers grant application online via the NSW State Revenue Office.
Let Q Financial assist you in your home buying process
Working with a mortgage broker is one way to access this great incentive when applying for a loan. Here at Q Financial, we will discuss your individual circumstances and offer advice on what assistance might be available through the FHOG program.Â
We offer clients tailored solutions, sound advice on loan structures plus support throughout all stages of transaction processes including settlement applications, follow up calls and beyond. With us, you can rest assured that you’ll be working with a team that truly understands your unique situation.Â
Click a button below to schedule an appointment with us!
