How much grant is available for a first home buyer?

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Aqua
Posts: 41
Joined: Sat Aug 03, 2013 9:34 pm

How much grant is available for a first home buyer?

Post by Aqua »

Howdy guys, I want to buy a house located in Sydney. I haven’t made a final decision yet but I am thinking of buying a house worth $570,000. It is located in Pitt Street. I would need to borrow up to 85% to buy that particular house. I am also planning on applying for a first home owner grant. I have checked all the criteria and I meet all the requirements for it. I just wanted to know how much grant government usually offers for a first home buyer. Is there any way to find this out?

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Otto Dargan
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Re: How much grant is available for a first home buyer?

Post by Otto Dargan »

Hi and welcome to the forums Aqua,

First Home Owners Grant Calculator can be used to find out an estimate of the government benefits you may be eligible for. This calculator will also help you to know which grants and stamp duty exemptions you may be able to receive from the government.

The amount of First Home Owners Grant (FHOG) that you may receive will vary on the following factors:
  • The state in which you are located.
  • If you are buying a new or an established home.
  • If you are buying a vacant land or a building.
  • The purchase price of the property that you are planning to buy.
While calculating the amount of FHOG, the following assumptions are made:
  • You meet standard first home buyer criteria.
  • You are signing the contract of sale today.
Please note that if you are looking to purchase the house later then the benefits may change in the future. It is best to refer to the state government website to confirm the full eligibility requirements, qualifying transactions and the changes (if any) in the first home benefits such as grants and stamp duty exemption.

Cheers,
Otto
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

Aqua
Posts: 41
Joined: Sat Aug 03, 2013 9:34 pm

Re: How much grant is available for a first home buyer?

Post by Aqua »

I will try out the calculator and see what the result shows. I also wanted to know about the types of documents required to receive this grant. Could you tell me what these are?

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Otto Dargan
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Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
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Re: How much grant is available for a first home buyer?

Post by Otto Dargan »

Hi Aqua,

You would be required to submit the following documents while applying for a FHOG:
  • A certified copy of the contract of sale.
  • Australian birth certificate issued by Registry of Births, Deaths & Marriages or Australian citizenship certificate or Australian Passport (not accepted by NSW if you were born in Australia).
In some cases, you may be required to submit additional certified documents such as:
  • A certified copy of your marriage certificate.
  • A certified copy of your divorce certificate.
  • A certified copy of the death certificate of your spouse/partner.
  • A statutory declaration with the name and date of birth of your former spouse/partner including the date you were married or commenced your domestic relationship and the date you separated.
  • Your former spouse/partner’s current address (if known).
  • A certified copy of the change of name certificate.
If you would like to know more about these then you can check out our website. We can also be reached on 1300 889 743 or you can fill in our free assessment form to see if you qualify for a loan or not.

Cheers,
Otto
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

Aqua
Posts: 41
Joined: Sat Aug 03, 2013 9:34 pm

Re: How much grant is available for a first home buyer?

Post by Aqua »

Okay, not a problem. I have the above mentioned documents ready. I will give you a call to discuss about my loan in a couple of days. Thanks!

kitt
Posts: 40
Joined: Thu Jun 27, 2013 9:13 pm

Re: How much grant is available for a first home buyer?

Post by kitt »

Hi there, like Aqua, I am also thinking about buying my first ever home. I am not really sure about the eligibility criteria. Could you list them down for me?

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Otto Dargan
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Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
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Re: How much grant is available for a first home buyer?

Post by Otto Dargan »

Hi kitt,

You may be eligible for the grant if the following criteria are met:
  • The applicant is a natural person i.e. is not a company or trust.
  • At least one of the applicants is a Permanent Resident (PR) or is an Australian citizen (NZ Citizens have automatic PR).
  • Each of the applicants is at least 18 years of age.
  • Each of the applicants and/or their spouse/de facto partner has not owned a residential property, jointly, separately or with some other person before 1 July 2000 in any State or Territory of Australia.
  • Each of the applicants and/or their spouse/de facto partner has not owned a residential property and occupied that property jointly, separately or with some other person on or after 1 July 2000 in any State or Territory of Australia for a continuous period of at least six months.
  • Each of the applicants have entered into a contract for the purchase of a home or signed a contract to build a home on or after 1 July 2000. In the case of an owner-builder the laying of the foundation should have commenced on or after 1 July 2000.
  • The property’s total value does not exceed the cap amount (this amount varies between states).
  • The applicant and /or their spouse/de facto partner are receiving the grant under the First Home Owner Grant Act 2000 in any State or Territory for the first time (unless subsequently repaid).
  • At least one of the applicants will occupy the home as their principal place of residence for a continuous period of at least six months commencing within 12 months of settlement or construction of the home.

Please note that these eligibility criteria may differ between states.
Some state governments may also offer additional grants or have stamp duty exemptions or further concessions for first home buyers.

Cheers,
Otto
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

kitt
Posts: 40
Joined: Thu Jun 27, 2013 9:13 pm

Re: How much grant is available for a first home buyer?

Post by kitt »

I am not sure what couple of these points mean. I will give a call in the number written above to know more about it. Anyway, thanks for listing these out for me.

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