Calculate your First Home Owners Grant
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Home loan comparison
Lender | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Variable | More details | ||||||||||||
loans.com.au – Variable Home Loan (LVR < 90%) | |||||||||||||
| Variable | More details | ||||||||||||
HSBC – Home Value Home Loan (Principal and Interest) (LVR < 80%) | |||||||||||||
| Variable | More details | ||||||||||||
Homeloans.com.au – Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%) | |||||||||||||
| Fixed | More details | ||||||||||||
Newcastle Permanent – Fixed Rate Home Loan (Principal and Interest) 1 Year | |||||||||||||
| Variable | More details | ||||||||||||
Beyond Bank – Purple Basic Variable Home Loan (New Customer) (LVR 60%-80%) | |||||||||||||
| Variable | More details | ||||||||||||
Athena – Straight Up Owner Occupied - Celebrate (LVR 50%-60%) (Principal and Interest) | |||||||||||||
| Fixed | More details | ||||||||||||
IMB Bank – Fixed Rate Home Loan (Principal and Interest) 1 Year (LVR ≤ 80%) | |||||||||||||
| Variable | More details | ||||||||||||
Liberty Financial – Liberty Low Rate Home Loan (LVR < 95%) | |||||||||||||
- Low rates for purchase and refinancing
- Simple online application process
- No fees, unlimited redraws, 0.10% offset
Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of May 1, 2024. View disclaimer.
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Savings.com.au Pty Ltd ACN 161 358 363 | Australian Financial Services Licence and Australian Credit Licence 515843
Purchase: First Home Owners Grant Calculator
This calculator provides you with an indication as to whether you may be eligible for a first home owners grant, and if so how much you may be eligible to receive.
Assumptions:
Grant Amounts
The amounts available for First Home Owner Grants are sourced from the relevant state and territory government websites as at April 2020.
Other Concessions
The calculator does not take into account any grants or concessions other than the First Home Owner Grant.
Eligibility
The calculator does not take into account location in metropolitan or regional areas of a state, and assumes the date of purchase is within the eligible date range specified by each state. The calculator provides an indication as to whether you may be eligible for the grant, and is not a guarantee of eligibility.
What does First Home Owner Grant mean?
The FHOG is an amount of money, usually between $10,000 to $30,000, that the government will grant a first home buyer. It's specifically for those who are buying or building their first home and unlike loans, the buyer is not entitled to repay the grant from the government.
In order for someone to be eligible for this grant, conditions should be met such as that the new house must not have been sold previously for residency, occupied as a home or rented for short-term accommodation such as Airbnb. Here are other conditions that you should know:
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The first sale of a house will not be considered a new home if the person who built it has used it for living, had it leased or rented by somebody else
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A new home cannot be an investment property or a rest house used for holidays
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The first new home can be a house, townhouse, apartment, unit and other related type of houses
How to apply for First Home Owner Grant
Before looking for your first property, here are some steps you should take to apply for FHOG:
1.Check if you're qualified
Depending on which state you are in Australia, you can check the FHOG government website for information and requirements here:
An applicant must meet the following conditions to receive the FHOG:
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18 years old and above
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Must be an Australian citizen
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Must live or occupy the house as their principal place of residence for 1 year, commencing from the settlement or completion of the construction process
2. Collect documents and gather evidence
For an Australian Citizen, the documents that you need to prepare include:
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A current primary identity document or evidence of citizenship such as birth certificate, passport, or citizenship certificate
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Identity evidence with a photo and signature such as driver's license or an ID card with proof of age
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Evidence for residency in Australia such as Medicare card, vehicle registration or department of veteran's affairs card
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Evidence of current residential address such as electric, gas, and water bills or rate notice
3. Complete the application
Application forms are available online for different states and territories. Once you have gathered the required documents, you can print out the FHOG application forms (from your respected states local websites) and mail it to your State Revenue Offices.
First Home Owner Grant (FHOG) FAQs
The grant could amount from $10,000 to $30,000 depending on your state or territory.
If you are buying a property with another person such as your spouse, you both have to be first time buyers in order to be entitled for the FHOG.
Yes you can use the FHOG as part of your deposit but you should also prepare some additional savings as this is usually not enough to cover the deposit amount.
Must be an Australian Citizen (or at least one applicant if it's a joint purchase) and both should have not previously owned a home in Australia.
Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. Rates correct as of 6 March 2024.
^The addition of offset sub-account means your comparison rate will change.
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Savings.com.au Pty Ltd ACN 161 358 363 | Australian Financial Services Licence and Australian Credit Licence 515843