FHOG Eligibility To Receive The Grant (VIC)
When you are looking to buy your first home you should realise that there are many costs that you will have to pay with your own money. When you buy a house there will be stamp duty, pest inspections, building inspections and the deposit that you will have to pay. Furthermore, when you apply for a loan the application and legal fees can be very expensive. Fortunately, when you are buying your first home you may be able to receive the first home owners grant that will help you with some of these costs. However, before you count on receiving the funds you should be sure to check whether you are eligible for the grant.
Who is Eligible for the FHOG
The first home owners grant is a payment that people will be able to receive if they are buying their first home. In addition to buying your first home you will need to meet all the requirements that are applied to the grant in order to receive the funds. The conditions of the first home owners grant are:
- Not received the grant. To be eligible to receive the first home owners grant you will have to make sure that you and your partner have never received the grant before. If you have received the grant then you will not be able to get the grant.
- Not owned a property. As the name suggests, you will not be able to receive the first home owners grant if you or your partner have owned a property before. The home that you are buying must be your first home to be eligible for the first home owners grant.
- Not had interest in a property. Some people may have had a small interest in a property. If this is the case then you will not be able to receive the first home owners grant no matter how small that interest may have been.
- Must be an individual. When some people buy a home they may do so as a company or as a trust. If you are buying your fist home and plan on applying for the first home owners grant then you will only be able to apply for the grant if you are an individual.
- Citizen or resident. One of the conditions of the first home owners grant is that you are a citizen or a permanent resident of Australia. It will be fine if only one of you and your partner are a citizen or resident.
- Must use the home as your principal place of residence. One of the strict conditions of the first home owners grant is that you must live in the house after you buy it. If you have bought a home and received the grant then you will have to be sure that you will move into the property within 12 months of purchase and you will have to live in the property for a period of 6 months. If you fail to meet this requirement then you may have to pay back the money and possibly may be fined.
- What transactions are eligible. There are many ways in which you will be able to buy a home. Some people will buy an established home while others will buy off the plan. Furthermore, some people will build a home either through a builder or as an owner builder. All these types of transactions will be eligible for the first home owners grant.
If you are looking at buying your first home then you should be sure that you realise how much it will cost you. There are many additional costs that will come with buying a home and applying for a loan and if you plan ahead you will be prepared for these costs. If you are buying your first home then you may find that you may be able to apply for the first home owners grant in an effort to cover some of these costs. To be eligible for the first home owners grant you will have to make sure that you are buying your first home, a citizen or permanent resident, not a company and you must live in the home within the first year of owning it for a period of 6 months.
Related posts:
- Eligibility Criteria First Home Owner Grant (NT)
- Eligibility for first home buyers grant
- First Home Owners Grant – Australian Capital Territory
- First Home Buyers Grant Tasmania (TAS)
- First Home Owners Grant Eligibility Penalties NSW
- First Home Owners Grant FAQ
- How to Apply for the First Home Owners Grant in South Australia (SA)
- First Home Owners Grant FAQ NSW
- FAQ – FHOG General Information (WA)
- When Will I Get the First Home Owners Grant?
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