A. The First Home Owners Grant (FHOG) is a government initiative which offers financial assistance to those buying their first home. It helps thousands of Australians reach their property dreams each year.
While the concept is pretty simple - the government gives you a one off payment towards buying your first home, in practice there’s a bit more to it. There are plenty of conditions, eligibility criteria and a strict application process to follow, and these differ from state to state.
The grant amount can vary depending on the state you're in, the type of property you're buying or building, and whether it's in a rural; or urban location. The grant can range from around $7,000 to $25,000 in some circumstances.
Here's a breakdown of what is available to help you on your way towards raising your deposit.
To see if you are eligible or to obtain more information about the FHOG visit the Australian Government's First Home Owners Scheme website www.firsthome.gov.au
You can apply for the grant directly through us or by submitting a First Home Owner Grant (New Homes) Application form at NSW Office of State Revenue. As G&C Mutual Bank is a registered agent for the FHOG, you can apply for your grant when you apply for a loan to buy or build your first home.
Applications must be lodged within 12 months of completion or settlement of your new home.