First Home Owner Grant: A Quick Guide for First-Time Home Buyers

Understanding the First Home Owner Grant:

Embarking on the journey of buying your first home can be overwhelming, but the NSW government offers a helping hand through the First Home Owner Grant (FHOG). This grant, totalling $10,000, is specifically designed for first-time homebuyers and is applicable to newly built or substantially renovated homes. Its primary aim is to alleviate the financial burden associated with taking that exciting leap into homeownership.

How much can I spend?

The FHOG has specific financial considerations that applicants must be aware of. If you're purchasing a newly built house, townhouse, apartment, or unit, the purchase price must not exceed $600,000. For those buying vacant land and signing a building contract, the total combined cost, including land value and building contract, must not exceed $750,000. It's essential to adhere to these limits to ensure eligibility for the grant. Additionally, if you're purchasing a substantially renovated home, the purchase price should not surpass $600,000. Familiarising yourself with these spending limits is crucial in navigating the FHOG and making informed decisions in your homebuying journey.

Eligibility Criteria:

To qualify for the FHOG, there are specific criteria you need to meet. Firstly, you must be at least 18 years old and be a first-time homebuyer as an individual, not representing a company or trust. Additionally, at least one applicant must be a permanent resident or Australian citizen.

Regarding your ownership history, neither you nor your spouse/partner should have owned a home before July 1, 2000. If your contract was signed before July 1, 2023, you must occupy your first home as your principal place of residence within 12 months of construction or purchase, with a minimum occupancy of 6 continuous months. For contracts signed on or after July 1, 2023, the occupancy period increases to 12 continuous months.

When submitting your application, ensure you provide the necessary documents based on different categories, such as identity, photo, proof of community operation, and current residential address. Additionally, include relevant documents based on your home purchase situation, such as a contract for the purchase of a new home or a comprehensive home building contract.

Financial considerations are crucial; the purchase price for a newly built property must not exceed $600,000, or $750,000 if you purchase vacant land and sign a building contract.

Understanding these eligibility criteria is fundamental to successfully accessing the FHOG and obtaining financial assistance for your first home purchase.

How to Apply 

If you need the grant for settlement or the first drawn down/progress payment, apply through your approved finance agent. If the purchase or construction is already completed, use the FHOG customer portal. Make sure to submit your application forms and proof of identity documents within 12 months of settlement or completion.

How can Hunter Homes help?

At Hunter Homes, we understand that navigating the intricacies of finance and the First Home Owner Grant can be daunting, and we're here to support the process for you. Whether you're considering a house and land package or opting for a knock-down and rebuild, Hunter Homes offer multiple solutions that fit with the eligibility criteria.

Nine display homes spread across five convenient locations, provide you with firsthand experiences of our craftsmanship and attention to detail - and they each come with clear and transparent pricing. Our house and land packages are available in multiple locations, ensuring you have the freedom to select the setting that best suits your lifestyle.  

No matter which path you choose—be it a house and land package or a knock-down and rebuild—Hunter Homes is committed to supporting you every step of the way. Our team is ready to guide you through the process, ensuring that your home-buying journey is not only personally rewarding but also seamlessly aligned with the eligibility criteria for the First Home Owner Grant.