Grants Available For First Home Buyers In Australia
First home buyers in Australia can take advantage of First Home Owners Grant (FHOG) and make their real estate investment foray an easier affair
. The grant comes as a onetime payment from the government and it is available for purchasing your first home. The edibility differs from State to state in terms of maximum purchase price and if the property is existing or new.
The grant is not available for real estate investment. It is available for individuals only and for this reason companies are not eligible for the Grant. Individuals, who are buying properties for investment purpose, are ineligible for the grant. The first home buyer can take advantage of the grant only when he buys property for personal use and it is mandatory for the buyer to stay in the property for at least the first six months.
The grant is available for selected properties that come in a set price category. In other words, high-end and property buyers are ineligible for the grant. The purpose of giving financial assistance to first home buyers is helping them to purchase their first property.
There are many first home buyers in Australia but most people dont know how much money they can get in terms of the grant. Since the grant changes from state to state, it is quite difficult for an average buyer to calculate the amount he or she can receive. Free money is made available by the federal government but it is managed by the respective state governments. Today the grant stands at $7000 but there are also stamp duty reductions if eligible.
Someone who is buying a home first timemay be eligible for FHOG if they pass the relevant tests and purchase the right type of property. Temporary residents are not eligible for the grant but a temporary resident married to a permanent citizen can apply for the grant. One applying for the FHOG needs to draw more information on the grant available for first home buyers in Australia.
You should explore the option of your eligibility as this can make your contribution less. How much money you would receive and whether you are eligible for the grant depends upon the rules governing the first home buyers in Australia.