First Home Owner’s Grant^#

The First Home Owner’s Grant (FHOG) entitles eligible first homebuyers to a lump sum payment of $7,000 where the property is to be used as their principle residence. Applying for the FHOG will fast track you financially on the way to making this important purchase a reality.

On 14th October 2008 the Australian Government announced that first home buyers who quality for the FHOG may also be eligible for the First Home Owners Boost scheme which provides an additional $7,000 for the purchase of an existing home, or an additional $14,000 for a newly constructed home (newly completed, constructed under a building contract, owner builders or homes purchased off the plan). Additional conditions apply – read more about the First Home Owners Boost.

Am I eligible?

• It must be the first time you and/or your spouse or de facto have purchased property
• Applicants are natural persons and not a company or a trust
• Applicants are a minimum of 16 years of age
• At least one applicant is an Australian citizen or permanent resident
• At least one applicant will occupy the home as their main place of residence for at least 6 months within 12 months of settlement or construction
• You entered a contract to buy or build a home on or after July 1, 2000

Does the payment vary?

Payments are the same regardless of location or type of property, it is not means tested.

When will the payment be available?

Complete an application with HSBC and the grant will be available upon settlement of the loan. However, HSBC accepts no liability if your grant application is declined

How do I apply?

You apply with HSBC once your home loan application is complete. Most states and territories in Australia offer stamp duty concessions as an incentive when you are a first home buyer. Ask your conveyancer or solicitor about eligibility.^{^}

Contact your local State or Territory Revenue Office for more information.

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