First Home Owners Information

First Home Owner Grant (FHOG) & First Home Owner Boost Scheme (FHOB)

Are you eligible for the FHOG & FHOB?

You are eligible for the Australian Government’s First Home Owner Grant and Boost if you:

• Are an Australian citizen or permanent resident
• Are buying or building your first home in Australia
• Have the intention of occupying the property as your principal place of residence for a continuous period of six months, commencing within 12 months of the settlement.
• Currently there is no limit on the price of the home, however, from 1 January 2010 the FHOG will only be available on properties up to $750,000.

First Home Owner Boost

On the 14 October 2008, the Australian Government introduced a Boost to the First Home Owner Grant to assist first home buyers with the purchase or construction of their first home.

The total amount available for the FHOG plus the FHOB, are shown below, and will apply with the initial boost until the 30 September 2009, reducing as shown for the period 1 October 2009 until 31 December 2009, when the boost will cease. Details of the Boost are as follows:

Until 30 September, eligible first home buyers will receive:

• $14,000 ($7,000 FHOG + $7,000 FHOB)of assistance if they buy an existing home
• $21,000 ($7,000 FHOG + $14,000 FHOB) of assistance if they buy a newly built home

From 1 October until 31 December, eligible first home buyers will receive:

• $10,500 ($7,000 FHOG + $3,500 FHOB) of assistance if they buy existing homes
• $14,000 ($7,000 FHOG + $7,000 FHOB) of assistance if they buy newly built homes

Other things to consider:

If you are buying the property in conjunction with others, they must also meet the same criteria for the Grant to be applicable.

The Grant is not means tested in any way, which means if you’re eligible it is regardless of your income.  Up to the 31 December 2009 the Grant is available regardless of the value of the home you purchase, HOWEVER, from the 1 January 2010, as listed above, the maximum purchase price will be up to $750,000

The Grant and Boost are an absolute bonanza for first home buyers and the staff of Mortgage Exchange can assist you with further details, and will assist you in the submission of your application.

If you would like further information, Fact Sheets and more detailed information regarding the Grant and Boost are available from the following easy portal to each of the relevant states or territories;

http://www.firsthome.gov.au/

We are located at:

169 Croudace Street, New Lambton  NSW  2305  Australia

To assist you in locating us CLICK HERE for instructions.

Tel: +61 (02)  4952 9910 or 1800 775555
Fax: +61 (02) 4952 9925

Email: Mortgage Exchange email contact