The First Home Owner Grant (FHOG) is a government initiative designed to help first home buyers enter the property market by providing a one-off payment towards the purchase or construction of a new home. The amount and eligibility criteria vary by state, but the grant can significantly reduce the amount you need to borrow, making home ownership more attainable.
By using the FHOG as part of your deposit, you may be able to access better home loan products or avoid costly lenders mortgage insurance (LMI) if you combine it with other schemes like the First Home Guarantee. This means you can start your home ownership journey sooner, with lower upfront costs and potentially more manageable loan repayments.
It’s important to check the eligibility rules in your state or territory and plan your finances accordingly. Combining the FHOG with other grants, concessions, and smart loan features can help you maximise your benefits and secure the best possible deal on your first home loan.
