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What you need to know about the First Home Owner Grant

28 Nov 13

Whether you're thinking about investing in your very first home or you're just getting your South Australia real estate career underway, you'll need to know about the First Home Owner Grant (FHOG).

The SA Government pays the FHOG after an application has been submitted to RevenueSA or a financial institution authorised by RevenueSA, and approved by the same. The FHOG applies to purchasing or constructing residential properties including houses, units, townhouses, flats, and apartments, as long as they meet local planning standards.

The size of the grant you're eligible for depends on the date of the contract to purchase or build a home, or the date when construction began for owner builders.

For new homes, you can receive up to $15,000 for eligible transactions entered from 15 October 2012. You can get up to $7,000 for transactions from 1 July 2002 to 14 October 2012.

Established homes can get up to $5,000 for eligible transactions entered into from 22 November 2012 to 30 June 2014, and up to $7,000 for transactions from 1 July 2000 to 21 November 2012.
Currently the FHOG applies to new and established homes, but as of July 2014 it will no longer be available for established houses.

The property must be occupied as the applicant's main dwelling for at least six months (continuous) within 12 months of the date of settlement of purchase, or from the date construction finishes.

Further eligibility criteria includes having at least one Australian citizen or permanent resident as the applicant for the FHOG. Applicants and spouses/domestic partners must not have owned a residential property anywhere in Australia before 1 July 2000.

Young investors may have to wait a while before they can make their big purchase, as each applicant must be at last 18 years of age when they make an application for the grant.