The FHOG is a one-off payment to encourage and assist first home buyers to buy or build a residential property for use as their principal place of residence. First home owners may qualify for the grant and/or the first home owner rate of duty if they are either purchasing an established home or if they are building or purchasing a new home. The grant has:
- geographically determined caps on the total value of the home;
- residence requirements; and
- eligibility criteria for applicants.
When a person is eligible, or would have been eligible, for the first home owner grant, a concessional first home owner rate of duty will apply if the value of the dutiable property is below certain thresholds.
There are many things to consider when purchasing your first home. The experience can be very daunting, however with a smart approach and using the right people to assist, you can make buying your first home very pleasurable.
We are here to help!! To help get you on our way click here to complete a quick online form where we will notify North West Finance and assist you in owning your own home as soon as possible.