Why First Home Buyers are on the Increase
All across Australia, first home buyers are returning to the property market in droves. The main reason for this is generous government incentives created specifically for first home buyers.
If you’ve been struggling to get onto the property ladder, each state and territory is offering generous grants to eligible first home buyers. Whether your first home is a house, townhouse, unit or apartment, the first home buyers grant (FHOG) will help you get into your first home sooner.
So, let’s take a closer look at which government incentives are right for first home buyers, particularly the First Home Buyers Grant.
Each state and territory has its own eligibility criteria you must meet in order to access a FHOG.
Over the last six months, State and Federal Governments have developed plans to combat housing affordability for first home buyers.
In Victoria and Tasmania, the FHOG was increased from $10,000 to $20,000. Also, stamp duty incentives are helping prospective home buyers enter the property market.
In the ACT the FHOG has unfortunately been reduced. However, there is still FHOG money available. The current FHOG is currently worth $7,000. This grant is available to all first home buyers who purchase a new residential property valued at up to $750,000.
Queensland is leading the way with a very generous FHOG grant. The Queensland state government currently offers a FHOG of $20,000 for a new property valued up to $750,000.
The Western Australian Government is offering a very generous FHOG grant to first home buyers. A FHOG of $10,000 is available to all WA first home buyers purchasing a property valued up to $1,000,000.
In New South Wales (the state with the largest housing affordability problem), stamp duty charges for first home buyers have been significantly reduced. More first home buyer grants are available.
Currently, New South Wales first home buyers can access a FHOG of $10,000 for a new property valued at or under $750,000.
In South Australia, prospective first home buyers can access a FHOG grant of $15,000. This grant applies to all residential properties valued up to $575,000.
Excited by the idea of buying your first home. Simply call or email the expert team at No Deposit First Homes today. Our talented team will walk you through the FHOG, explaining eligibility criteria and what the FHOG could do for you.