Are you purchasing a house in South Australia for the first time?
Good news! You may be eligible for the FHOG worth up to $15,000!
Introduced in 2000, the FHOG is paid by the State Government to eligible first home owners. An application has to be submitted and approved by RevenueSA or an authorised financial institution by RevenueSA.
You will be eligible for the FHOG if you are thinking to purchase or construct a new residential property for the first time. The property must also have a market value of less than $575,000. This includes a house, unit, townhouse, flat or apartment.
The market value of the property:
- in the case of a contract for the purchase of a new home, is the consideration for the purchase of the home, or, where that consideration is less than the market value, then the market value of the property;
- in the case of a comprehensive building contract (for example, a house and land package), is the sum of the consideration for the building contract and the market value of the property on which the home is to be built as at the time when the contract is made, or, where the consideration for the building contract is less than the actual costs, the sum of the actual costs to build the home and the market value of the property on which the home is to be built as at the time the building contract is made;
- in the case of an owner builder, is the market value of the property on which the home is situated at the time the home is completed and ready for occupation as a place of residence.
Unfortunately, the FHOG for already built homes ended on 30 June 2014.
Other conditions of FHOG are:
- If you are buying with someone else, at least one of the applicants must be an Australian citizen or have permanent residency in Australia. New Zealand citizens who permanently reside in Australia who hold Special Category Visas may also apply;
- You must be above the age of 18, own the property in your own right (and not in any other capacity such as a trustee);
- You must occupy the home as your principal place of residence for a continuous period of at least six months commencing within 12 months of date of settlement of the property.
The FHOG keeps evolving. State and Territory governments make changes in order to manage issues such as housing affordability. You must keep up to date with the regulations as you prepare to buy your first home, as the changes can take effect in a short period of time.
If you are looking to purchase your new home, why not contact our Property Lawyers at Georgiadis Lawyers. We know buying your first home can be daunting, we are here to help to give you the ease of mind through every step of the way toward your first home.