Due to the rising prices of properties in New South Wales, a lot of people are having a hard time acquiring their first home, land, or real estate investment. Fortunately, aspiring homeowners in NSW can take advantage of a nationwide government program that can help them acquire their first property.
This program is known as the NSW First Home Owner Grant (FHOG). In this article, we’ll guide you through the details of this incentive program and how it can help you purchase your first home.
Implemented by the NSW Department of Revenue, the FHOG grants eligible individuals a financial incentive that they can use when they purchase their first home, townhouse, apartment, or land. The grant can only be used for newly built or substantially renovated homes. It is not available for established houses.
Through this program, eligible individuals in NSW looking to purchase or build their first house or property can receive a sum of $10,000. This grant, however, cannot be used for properties or substantial renovations valued at over $600,000. It also isn’t available for lands valued at more than $750,000.
In order to qualify for the FHOG, home buyers in NSW must be over 18 years old. The applicant must also be an Australian citizen or a permanent resident of the country. In addition, the applicants must prove that they have not owned a house or property at any point before July 1, 2020. As part of the terms of the program, the applicant must agree to live in the home during the first 12 months after settlement.
To take advantage of the FHOG, home buyers are required to fill out the First Home Owner Grant (New Homes) Application Form. This form contains all of the details applicants need to know regarding the grant program. Aside from completing the form, applicants are also required to submit certain documents such as a valid ID, proof of current address, and a copy of the building contract for vacant properties. A list of renovations is also required for those who renovated a property after purchasing it.
If you would like to know more about the grant program, or if you’re a first-time home buyer, then feel free to get in touch with Ray White Albury Central. Our real estate agents can help you find the perfect property that fits your needs, preferences, and budget.