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Australia's First Home Owners Grant (FHOG) is a very useful tool for those looking at getting into the housing market for their first home. Unfortunately each state and territory has their own rules and regulations that makes it harder for us to summarise all the pros and cons of using this grant, which is why this list won't go into any specifics but rather an overview.
The vast majority of those seeking assistance of the FHOG are between the ages of 25-34 holding the greater part of over 55% of all grants approved. This means a lot of young families just starting up are the majority of those applying for the grant, although with some heavy restrictions they still use the FHOG to help mortgage their first property.
Although the Pro’s list outweighs the Cons by a significant amount, it can be left up to you to decide if it really is worth it:
There are many more pros and cons that can be added to these lists but what has been mentioned above would be some of the more important ones. We suggest asking a conveyancer for more information. If you aren't in Perth you might want to check out a conveyancer Adelaide.
So long as you pass these requirements for the FHOG you will have a very strong chance of being approved and be on track for owning your first home!
Depending on what part of Australia you are from will determine the specific benefits you will receive with a FHOG. Linked below is all states and territories specific websites for these benefits:
If you are still not sure about buying your first home or want to ensure it goes smoothly feel free to check out out our property lawyers.
Thank you for this helpful article, It answered a few questions I didn't know the answer too.