ACT First Home Buyers Grant - Mortgage Loan

First Home Buyers ACT

If you are a resident of ACT or Australian Capital Territory and you wish to purchase a new home for the first time but are worried about the possible effects of GST on house rates, the government has actually created a scheme to help you with your mortgage payments. Introduced to the public on July 1, 2000, the program was officially referred to as the First Home Owner Mortgage Loan scheme or FHOG. This program aims to financially assist first-time home buyers by neutralizing the effects of the implementation of GST or Goods and Services Tax.

In order for you to qualify for a FHOG, you have to be a certified Australian citizen, are 18 years of age, a first-time home buyer which means you are not a previous home owner, have entered a home building contract on or after the first of July, 2000, and have occupied the new home for at least six months within a year of completion of the actual construction or settlement. As for specific requirements and exceptions, the official site of ACT's Revenue Office includes a detailed discussion. The maximum amount of mortgage loan that can be given is $7,000.00. This mortgage shall be payed through a bank account and as for the payment schedule, it all depends on the kind of transaction you have entered into so as to purchase a new home or have a new house constructed. Application forms for the FHOG program can actually be downloaded from the official website of ACT's Revenue Office.