First Home Buyers

First Home Owner Grant (FHOG)
What Homes Qualify for The $7,000 Grant
A new or established dwelling including a house, flat, unit, townhouse or apartment anywhere in Australia that meets local planning standards. The dwelling must be used as your principal place of residence within 12 months of the date of settlement in the case of an established home, or for a new home, 12 months from the date construction is completed.
Who is eligible to receive the Grant?
A first home buyer who fulfils the criteria below:

• At least one of the applicants must be an Australian citizen or have permanent residency in Australia.  New Zealand citizens permanently residing in Australia, who hold Special Category Visas, may also apply.
• None of the applicants or their spouse/domestic partner can have previously owned a residential property anywhere in Australia prior to 1 July 2000.
• For eligible transactions entered into on or after 1 January 2005, an applicant or their spouse/domestic partner cannot have purchased a property on or after 1 July 2000 and occupied that property for 6 months or more.
• For eligible transactions entered into on or after 1 January 2005, applicants must occupy the home purchased or built, as their principal place of residence for a continuous period of at least 6 months commencing within 12 months after completion of the eligible transaction.
• Except in cases of legal disability applicants must be natural persons (that is, not a company).
• Everyone who on completion of the transaction will be an owner of the home is considered an applicant.
• Applicant(s) must be at least the age of 18 years at the time of making application for the grant.

First Home Bonus Grant
First Home buyers who qualify for the $7,000 First Home Owner Grant (FHOG) may also be eligible for a First Home Bonus Grant (FHBG) of up to $4,000.

When will the scheme end?
There have been many rumours circulating that the existing scheme has a limited lifespan. There has been no decision made as to when the scheme will end. At this stage the First Home Owner Grant is an ongoing initiative.

To see if you may be eligible to receive the First Home Owners Grant, or if you have any questions, call us here at AAA Mortgage Solutions. Our friendly team is on stand by to assist you with any answers, or simply guide you in the right direction.

Buying a first home could be the largest investment of your life. This is an exciting experience and making mistakes could be very costly. AAA Mortgage Solutions will guide you throughout the mortgage process from start to finish.

Savings Most financial institutions require a minimum of 5% deposit. This deposit must have been saved in your bank account for a period of three to six months (subject to lender's criteria). If you have not reached this step at this stage there are other alternatives. As a first home buyer using the first home owners grant, we may be able to assist in acquiring your first home with little or no genuine savings. This can be discussed by phoning one of our lending managers on 1300 555 888.

Employment All lenders have different rules and conditions on your employment status. If you're full-time, part-time, casual or self-employed most lenders require you to be working for a minimum time in the job. This can be discussed with one of our trained consultants.

Borrowing Capacity Your income and outgoings determine your borrowing capacity. Other debts such as credit cards, personal loans etc can effect the amount of money you can borrow. Being married, single or having dependents can also determine your borrowing capacities.