AUSTRALIAN CAPITAL TERRITORY: GUIDE TO FIRST HOME OWNER ASSISTANCE

LEARN ABOUT THE ASSISTANCE

The Australian Capital Territory First Home Owner Grant (ACT FHOG) is a ACT State Government initiative to help first home owners to get their ‘new’ first home sooner. It is an amount of money paid by the ACT Government to eligible first home owners.

Learn more about the ACT FHOG as well as other Australian Capital Territory Government assistance for first home buyers below.

The First Home Owner Grant (FHOG) is currently $7,000 for eligible first home owners in the ACT.

Important Tip: Grants and Concessions tend to change at short notice, therefore please double check with your State government what is available in your area before buying your first home!

First home buyers are generally eligible if they meet the following criteria:

  • The home is a ‘new’ home
  • The FHOG Application must also be lodged within one year of the purchase of the property
  • For payment to be available at settlement or first draw down/progress payment you must lodge your application with an approved agent
  • A FHOG cap applies to eligible transactions that commence on or after 1 January 2011.  The cap limits the total value of eligible properties (i.e. total value of home and land) to $750,000 or less.
  • The applicant, or an applicant’s partner, must not have received an earlier grant. However an applicant may be eligible if the FHOG was paid but later paid back, either under the conditions on which the grant was made, or together with any penalties and/or interest that may have been imposed
  • One of the applicants must be over 18 and be Australian citizen or permanent resident
  • The applicant(s) must be natural persons
  • Each applicant must occupy the home as their principal place of residence for a continuous period of at least six months, commencing within twelve months of completion of the transaction

You can find a FHOG eligible home at FHBA New Homes. Did you know that FHBA New Homes gives you access to the most FHOG eligible properties under one roof?

FHBA New Homes works a bit like a Mortgage Broker (but rather then help you find a home loan, our New Home experts help you find a ‘new’ home). Your New Homes Expert can explore different homes from different developers to help you find a suitable property for your Great Australian Dream.

Like our Mortgage Broking service, FHBA New Homes is a free of charge service, as we are paid a referral fee from the property developer you choose to proceed with (if you do decide to proceed). This means we won’t be paid until you have decided on a home you like.

If you haven’t been introduced to FHBA New Homes Expert yet send us an email (enquiries@fhba.com.au) or complete the enquiry form and we will be sure to have your local New Homes Expert call you ASAP.

The Home Buyer Concession Scheme (HBCS) assist persons in purchasing a new residential home or residential vacant land by charging duty at a concessional (discount) rate. It applies to new or substantially renovated properties purchased between 01 January 2016 & 31 December 2016.

The below table provides more information on the thresholds that apply to new properties between 01 July 2016 to 30 December 2016 and the associated concessional duty payable.

act-ratesIn addition, to be eligible for the concession the total Gross Income Test must be satisfied. The combined total gross income of all applicants and their partner over the 1 year period prior to the date of the grant is taken into account to determine eligibility:

act-income-tables

For full details on these transfer duty concessions please ask your Mortgage Broker or visit the ACT Revenue Office website.

Applying for the FHOG and / or various duty concessions can be a little tricky. While you can check eligibility and apply online by yourself, we recommend you apply through the assistance of one of our FHBA Mortgage Brokers.

Our FHBA Mortgage Brokers are not only experts at finance matters such as home loans and the FHOG, but they are also experienced in helping first home buyers everyday. Our service is free of charge (should you proceed with a home loan option through us). We can check your eligibility, apply on your behalf and be with you every step, providing you with peace of mind that you haven’t missed a thing.

  • To learn more about our FHBA Mortgage Broking service and have one of our experts assist you with your application, please visit our FHBA Mortgages home page.
  • To apply online by yourself visit the ACT Government website and follow their instructions carefully.

You can find a FHOG eligible home at FHBA New Homes. Did you know that FHBA New Homes gives you access to the most FHOG eligible properties under one roof?

FHBA New Homes works a bit like a Mortgage Broker (but rather then help you find a home loan, our New Home experts help you find a ‘new’ home). Your New Homes Expert can explore different homes from different developers to help you find a suitable property for your Great Australian Dream.

Like our Mortgage Broking service, FHBA New Homes is a free of charge service, as we are paid a referral fee from the property developer you choose to proceed with (if you do decide to proceed). This means we won’t be paid until you have decided on a home you like.

If you haven’t been introduced to FHBA New Homes Expert yet send us an email (enquiries@fhba.com.au) or complete the enquiry form and we will be sure to have your local New Homes Expert call you ASAP.

If you are thinking of purchasing an existing home then:

  • Unfortunately you will not be eligible for the ACT FHOG, as one of the requirements is that it must be a ‘new‘ home
  • You may still be eligible for transfer duty concessions (see ‘are there any other entitlements I might be eligible for’ above)

If you would like assistance with purchasing an established home we recommend you book in a free consultation with an FHBA Service Community Buyers Agent.

CHECK ELIGIBILITY FOR GOVERNMENT INCENTIVES

FHBA’s new & innovative Eligibly Estimator allows you to self-estimate how your savings are tracking and whether you have enough saved to qualify for a home loan. Upon completion, we will instantly send you a complimentary Australian Property Monitors Postcode Report (Valued at $39.95)

Check how your tracking in 60 seconds!

 

Disclaimer: The FHBA Eligibility Estimator is intended as an approximate guide only. It uses a mixture of the data you input, median property prices from APM PriceFinder and estimated purchasing costs. You should not rely on the results of the Eligibility Estimator. Please contact an FHBA Coach who can arrange a more comprehensive estimate and advice based on your personal circumstances from a licensed professional.

We Need A Few Of Your Details

To see if your current savings are enough to buy in your selected suburb and to send you a complimentary FHBA Australian Property Monitors (APM) comprehensive postcode report for your selected suburb

Deposit Guide

  • 5%

    Deposit Amount:

    Lenders Mortgage Insurance:
    (Indicative Only)

    Stamp Duty:
    (Indicative Only)

    Mortgage Reg. Fee:

    Transfer Fee:

    Other Costs: $ 3,000

    Total Deposit + Costs Required:

    Surplus / (Deficit):

    Your Current Savings:

    First Home Owner Grant:

  • 10%

    Deposit Amount:

    Lenders Mortgage Insurance:
    (Indicative Only)

    Stamp Duty:
    (Indicative Only)

    Mortgage Reg. Fee:

    Transfer Fee:

    Other Costs: $ 3,000

    Total Deposit + Costs Required:

    Surplus / (Deficit):

    Your Current Savings:

    First Home Owner Grant:

  • 20%

    Deposit Amount:

    Lenders Mortgage Insurance:
    (Indicative Only)
    Nil

    Stamp Duty:
    (Indicative Only)

    Mortgage Reg. Fee:

    Transfer Fee:

    Other Costs: $ 3,000

    Total Deposit + Costs Required:

    Surplus / (Deficit):

    Your Current Savings:

    First Home Owner Grant:

5%

10%

20%

Deposit Amount

Lenders Mortgage Insurance
(Indicative Only)

NIL

Stamp Duty
(Indicative Only)

Mortgage Reg. Fee

Transfer Fee

Other Costs

$ 3,000

$ 3,000

$ 3,000

Total Deposit + Costs Required

Surplus / (Deficit)

Your Current Savings

First Home Owner Grant

Fill in the form below to get your complimentary personalised deposit guide & your Suburb's Data report emailed to you within 48 hours!

TALK TO AN EXPERT

At FHBA we are passionate about helping aspiring first home buyers purchasing their first home.

Complete the form below for an obligation free call back from one of our experts.

We can help you with your first home search, home loan needs, Grant applications and/or any questions you may have.

Disclaimer: The information above is general in nature and should not be solely relied on. The source of this information was the ACT Revenue Office website. This factual information was true at the time of writing (18 July 2016). FHBA recommends you speak with a licensed professional about your circumstances so you can find out if you are eligible for any Government assistance. FHBA does not recommend that you buy a new property simply so you can receive Government assistance. For more information on using our website please read our full Terms & Conditions policy.