2/9 First Home Owners Grant. What you need to know!
Welcome to the first of our series about understanding your ADF Housing Entitlements. Let’s take a closer look at the First Home Owners Grant (FHOG) – an opportunity that’s available to every Australian, not just exclusive to the ADF.
The FHOG: Your First Card to Play
The FHOG is a national scheme, funded by the federal government and administered by each state and territory. Its value varies across states and territories, ranging from $10,000 to $30,000. This grant can be used for a brand-new property that has not previously been occupied as a residence.
Previously, the FHOG was limited to purchasing your primary residence. However, the rules have evolved, allowing you to invest first and then use your FHOG card when you’re ready to purchase your primary home.
FHOG Eligibility Criteria
The FHOG eligibility criteria include factors such as property value limits, property ownership history, and residency requirements. These criteria differ between states, so be sure to check your state’s website for the most current values.
Using FHOG to Your Advantage
Imagine strategically utilising your FHOG for a well-timed investment. You could wait until you’re posted somewhere with investment potential, then leverage the FHOG to purchase a property. Build time factored in, you could reside in the property for the final months of your posting before converting it into an investment.
To continue this journey of financial empowerment, join us for the next part of the series. Don’t miss out on the valuable insights that Stamp Duty Concessions have to offer!
Get ready to make the most of your entitlements!
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