A similar program called the First Home Owners Grant (FHOG) was introduced in
Australia on 1 July 2000, where first time home buyers can receive a $7,000 once off payment to offset the cost of the
GST. While the program is offered nationwide, the scheme is funded by the
states and territories and subject to respective
legislation.
First Home Owners Boost In October 2008, the
Australian Government announced a boost to the scheme to alleviate the
2008 financial crisis, in order to stimulate the housing industry and prop up the market. The stimulus consisted of $14000 available to first time purchasers buying or building a new home, and $7000 made available for those purchasing their first established home. The scheme continued from 14 October 2008 through to 30 September 2009. Between 1 October 2009 and 31 December 2009 the grants were halved. Those purchasing or building new homes were eligible for $7000, while those purchasing established homes were eligible for a $3500 grant. The re-shaped First Home Owner Construction Grant kicked in on 12 September 2012 for properties valued up to $750,000 in Queensland. The changes:$15,000 for first home buyers of new and off-the-plan properties applies from 12 September 2012 in Queensland. $7,000 grant for first home buyers of existing properties to be scrapped from 12 October 2012. New $15,000 grant applies to newly constructed homes, or properties bought off-the-plan. To be eligible, first home buyers must: • Make the property the principal place of residence in QLD within one year of taking ownership and live there for at least six months • Not sell the property within a year of moving in. • Buy or build at a property worth less than $750,000.
New South Wales The New South Wales state government as part of its budget review for 2012 to 2013 increased the First Home Owners Grant in NSW to $15,000 but took away the stamp duty concession for established homes from first home buyers. The more than doubling of the First Home Owners Grant in New South Wales to $15,000 started from 1 July 2012 and will continue throughout 2013 with the First Home Owners Grant in NSW reducing to $10,000 in 2014. For non-first home buyers there is a grant of $5,000 available.
Western Australia In 20204 the Western Australian state government started offering first home owner grants as a one-off for first home buyers in WA. The grant is $10,000 and would be paid to buy or build the first home in WA.
Eligibility The eligibility criteria for a first home owners grant in Australia is as follows: • The applicant must be buying their first home or building their first home • Each applicant must be applying as a person and not a company or trust • At least one of the applicants should be a Permanent Resident (New Zealand citizens get a PR automatically) or Australian citizen • Each applicant must at least be 18 years old • At least one of the applicants must use the property as their primary place of residence for 6 continuous months within 12 months of the settlement of the purchase or construction of the home • All applicants and their spouses or partners should not have owned a residential property in Australia before 1 July 2000 • All applicants and their spouses or partners should not have owned a residential property in Australia after 1 July 2000, and occupied it for 6 continuous months • Each applicant must have entered the purchase contract to buy the home or signed the construction contract after 1 July 2000 • The total value of the home is not more than the grant amount Most first home builders will be able to assist in the first home grant application process. ==See also==