Are you ready to take the exciting step of buying your first home in South Australia? The First Home Owner Grant (FHOG) can provide you with valuable financial support to make your dream a reality. Letās explore the eligibility requirements and application process to help you kickstart your journey toward homeownership.
To qualify for the FHOG in South Australia, you need to meet the following criteria:
It's important to note that companies and trusts are not eligible for this grant.
Most applicants apply through an Approved Agent, typically your bank or credit union, who will lodge the application on your behalf. If youāre not using an Approved Agent, you can apply directly through RevenueSA. Applications must be submitted within 12 months of completing the eligible transaction.
If you apply through an Approved Agent, you could receive your FHOG at settlement for a new home or on the first progress payment for a building contract. If applying directly through RevenueSA, expect payment within five days of approval, provided all necessary documentation is submitted.
If you purchase a home with the grant and sell it later, you wonāt have to repay the grant as long as you lived in it as your principal place of residence for the required period. However, if you fail to meet the eligibility criteria, repayment may be necessary, along with potential penalties.
Navigating the grant application process can be complex, and your situation may require specific considerations. Contact a UNO Broker today for personalised assistance and to determine your eligibility for the First Home Owner Grant. They can guide you through the many aspects to consider when embarking on your homeownership journey.
Source: Revenue South Australia