If you’re in the process of purchasing your first home, you may be eligible for financial assistance under one or more national or state-sponsored schemes for first home buyers.
The First Home Owner Grant (FHOG) is one such national scheme that offers eligible first home buyers a one-off payment to help reduce their upfront costs. First Home Owner Grants are offered by almost every state and territory, but the size of the grant and the eligibility criteria may differ between states. Some states and territories also offer stamp duty concessions to first home buyers to make their purchase more affordable.
The size of the grant depends on the state in which you are buying and the property’s value. You may visit the First Home website to check your eligibility for the grant in your state. If your application for the grant is approved, the funds would most likely be paid directly to your lender at the time of settlement. Still, some lenders may count this amount towards your deposit, making it easier for you to qualify for a home loan. You could speak to a mortgage broker to learn more about the First Home Owner Grant in your state and how you can use it.