First home buyers in Australia should take advantage of the First Home Owner Grant (FHOG) provided by the federal government
. The grant is a real help to people purchasing their first property. Real estate can be expensive and it is very difficult for the average person to arrange funds for buying property. The First home Owners Grant (FHOG) can really assist and make the difference in purchasing your first property in Australia.
The grant money is normally $7000 but this can increased dependant on the type of property you purchase and the amount. The FHOG policies and stamp duty benefits vary from state to state, so if you are thinking of purchasing property in Australia you should seek the knowledge of an experienced broker.
First home buyersare only available if you are moving in to the property and as stated vary from state to state.
An Australian couple may be eligible for FHOG benefits, if nietherof them has bought a property in Australia before. The government considers the property of a partner as joint property and for this reason it denies FHOG to couples who already own property.One also needs to be a permament resident so it is not open to temporary visa holders looking to purchase property in Australia.
First home buyers have more advantages and the FHOG is just one of them. Stamp duty is paid by the buyer but states may allow the first property buyers to pay partial stamp duties. It is a big help. One looking for real estate investment should explore more options that can help the buyer save money.
First home buyers should try taking advantage of the grant and stamp duty concessions. Also they should find the lender that offers competitive loans at greatinterest rates. A mortgage broker can help the buyers find a deal, apply for the grant and also take advantage of the reduced stamp duties. There are many considerations but an experienced broker can make things simple, understandable and affordable. A little patience and professional help could help first time property buyer make the right decision.