The
First Home Owners Grant (FHOG) has become a boon to Australian first
home buyers who are determined to have their own abodes. Formally
known as the First Home Owner Grant Act of 2000, the programme is
meant to counterbalance the higher housing expenses brought forth by
the Goods and Services Tax Act.
Under
the FHOG, residents seeking to have a home built will be given a
one-time cash grant of $10,000. The programme does not have income or
asset tests, but there are a set of rules and regulations that
applicants must follow to ensure eligibility. Below are three of the
most important ones:
- Applicants should be Australian citizens or permanent residents that are at least 18 years old at the time of the FHOG transaction.
- They should not have owned any residential property in the country before the FHOG Act was enacted on July 1, 2000, as well as not have lived in the said property before July 1, 2004.
- Homeowners should continually reside in their new FHOG-funded home for at least six months, starting within twelve months of completion of their application.
FHOG
applicants who are aiming for a house built with the programme’s
support should consult an approved agent. These professionals may
help bolster the chances of FHOG support in a variety of ways.
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