First
-time buyers, in every scope and aspect, are generally given a few leeway here and there to find the investment-making attractive. Now that investment property is widely being considered the safest monetary option in Australia (even elsewhere), it’s only natural that first home buyers are extended material attraction. Here’s what’s in store for them.
What FHOCG entails
The First Home Owners Construction Grant (FHOCG) is a tremendous pledge-wagon to put initial buyers on the move. Having analysed the new-found vigour among the new Australian blood, the authorities have raised the bar since September 2012. The grant has been increased from a decent $7000 to a magnanimous $15,000. What’s more, the deal is simple.
What you need to do?
First and foremost, you should be an Australian citizen (or your partner) and should be 18 years or more. You or your partner should never have bought/owned any residential property on Australian grounds and your eligibility should be clean as a whistle in the eyes of the authorities. What you further require is to fill in a simple application and send it on a Brisbane address.
Restrictions for first home buyers
First home buyers should not be representing a company or trust and the price of their home should not exceed or have exceeded $750,000. This is actually an extension of the 2000 Act and thus you are clearly barred if you owned a property in the last century.
What this grant aims at?
The huge grant should pep first home buyers to really dig the business and be open to buying other properties. Of course, they wouldn’t be getting any further grants but they at least get a launching pad. There are, however, a few logistic barriers on the go.
The barriers imposed
Just to ensure that the buyers don’t use the bait and see the property purchase as investment; they are obliged to make the residential property their main home and live there for 6 continuous months before applying for the grant. The application should see the light of day within one year of buying home or completing the purchase (in case of buying it through banks).
The other options
The first home buyers may also approach banks and financial institutions for the usage of the grant. The property scene in Australia is on the boom right now. One awaits a series of such first home buyers programs in Australia. We hope that first home buyers, anyway go through this guide before taking the plunge.
How, as a first home buyer, do you propose to make use of the grant?
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