Hi I'm looking at purchasing my first home in Victoria. I want to know if I can use first home buyers grant for my deposit? Also how much is first home buyers grant?
Thank you
First Home Buyer Question
Mafoo on 24/04/2015 - 11:19
Comments
As above poster said, it has changed many times these past few years. For my case, I have to pay the deposit first and once the loan to purchase/build was approved, I got a refund through the FHOG. Bank does not normally take FHOG into account when they review your loan application.
Alternatively, you can create a line of credit with another bank for your deposit and pay it back once you receive your grant.
Broker here.
How much is the grant ? find out here
You can factor in FHOG as part of your deposit when you apply for home loan. You'll need to mention all these details in your application.
Normally state revenue can release the grant at settlement or later depending on your situation.
When I bought my first home I received $7000 which "conveniently" covered all government charges (Stamp Duty/Registrations/Land Tax)
Broker here
you are eligable for FHOG
ask any Question regarding to any HOMELOAN query
Broke person here…just built a house.
No bank allowed us to use the FHOG as part of the 20% (or even 10%) contribution. It was our contribution first, grant second, and then the bank pays. If you lodge via a Broker/Bank they may allow you to draw the FHOG at slab…which is helpful because that covers a chunk of your slab payment, and then the bank starts paying the rest.(If you are building a new house i.e)When we were looking, none of the banks would consider FHOG as part of the deposit. It needed to be Genuine savings.
Do a search on the grant, as it's changed a few times in the last couple of years and it's different for each state. You can use it towards a deposit or towards costs. I'm not sure if it's enough to be considered as the total deposit. Also most banks like to see some real savings as a deposit to show that you have spare income i.e can afford the repayments (but sometimes you get away with it if the bank really wants your business).