ACT First Home Owners Grant
The First Home Owner Grant provides financial assistance to eligible people buying their first home or substantially renovated home. As of 1 January 2017, the FHOG is $7,000. Payment of the FHOG will end for transactions entered into after 30 June 2019.
The commencement date of a transaction is the date you sign and exchange the contract (not the settlement date). If youâ€™re building a home as an owner-builder, the commencement date is the day you start laying the foundation.
To be eligible for the grant:
- You must be:
– buying or building a new home, substantially renovated home or off-the-plan home, with a commencement date on or after 1 January 2017; or
– building a home as an owner-builder, for which building started on or after I January 2017
- The total value of the property (home plus land) must be $750,000 or less
- You must complete the First Home Owner Grant Application SmartForm, with all necessary supporting documents, within 1 year of completing your transaction.
- Everyone with a relevant interest in the home must be an applicant.
- Every applicant must be 18 years old (the Commissioner for ACT Revenue can exempt you from this requirement if there are good reasons to do so).
- No applicant can be a company or trust (except a trustee for a person with a legal disability).
- At least one applicant must be an Australian citizen or permanent resident.
- At least one applicant must:
– move into the home beginning within 12 months of settlement or completion of construction; and
– live in the home as a principal place of residence for a continuous period of at least one year
More information:Â http://www.revenue.act.gov.au/home-buyer-assistance/first-home-owner-grant