OverviewEligibilityApplication ProcessAdditional Considerations

Overview of the First Home Owners' Grant in ACT

The ACT FHOG provides a $10,000 grant to first-time home buyers purchasing or building a new home. The property must be newly constructed and not previously occupied or sold. This includes homes bought from developers or those built on purchased land by independent contractors. In certain cases, substantially renovated properties may qualify; however, these are assessed individually

Eligibility Criteria

To be eligible for the FHOG in ACT, applicants must meet the following requirements:

  • Age and Citizenship: Each applicant must be at least 18 years old. At least one applicant must be an Australian citizen or permanent resident
  • First-Time Buyer Status: Applicants, and their spouses or partners, must not have previously owned or co-owned a residential property in Australia.
  • New Homes: The grant must be for a first property. For joint applications, both applicants must not have been previous homeowners.
  • Price Cap: The purchase price must not exceed $600,000. If building on owned land, the combined value of the land and home must not exceed $750,000
  • Occupancy: Applicants must occupy the home as their principal place of residence for at least 12 continuous months, commencing within 12 months of completion or settlement.

Application Process

  1. Complete the Application: Fill out the First Home Owner Grant application form, ensuring all information is accurate.
  2. Provide Supporting Documents: Submit necessary identification and documentation to verify eligibility.
  3. Lodge the Application: Applications can be lodged through your financial institution or directly with Revenue ACT.
  4. Await Approval: Revenue ACT will assess your application and notify you of the outcome.

Additional Considerations

Use of Grant Funds: The grant can be used towards the deposit; however, since it’s paid at settlement or during construction, applicants should confirm with their lender how it factors into their financing arrangements.

Stamp Duty Concessions: First-time buyers may also be eligible for stamp duty exemptions or concessions under the First Home Buyers Assistance Scheme.

Changes to the Grant: Grant amounts and eligibility criteria are subject to change based on government budgets and policies. It’s advisable to consult the Revenue ACT website or contact them directly for the most current information.

For comprehensive details and updates, visit https://www.revenue.act.gov.au/home-buyer-assistance/first-home-owner-grant

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Kurrajong

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