The First Home Owner Grant is a one-off, $7,000 government grant paid to first homeowners that meet the eligibility criteria and who purchase an established house or a new home not previously occupied.

The FHOG is not means-tested nor are there restrictions on the purchase price.

As of 1 January 2004 persons must be at least 18 years of age at the time of settlement or completion of construction and the dwelling must be used as the primary place of residence for at least 6 months, commencing within 12 months from settlement for established homes and commencing within 12 months of the construction completion date for newly built homes.

When you complete a Violet home loan application, you will be asked to complete a First Home Owner Grant form as well.

The First Home Owner Grant will be paid at settlement or in the case of new homes being constructed at the time of the first progress payment.

The Victorian Government has made available a further $5000 to first home buyers in Victoria.

Eligibility extends to Victorians who are entitled to the First Home Owner Grant and who enter in to a contract to purchase or build a home between 1 May 2004 and 30 June 2005. The purchase price must not exceed $500,000 and persons must be at least 18 years of age at the time of settlement or completion of construction.

To claim the First Home Bonus complete the First Home Owners Grant application form. Payment of the First Home Bonus will be made at settlement, in the same way as the First Home Owner Grant.

The goal of any borrower should be to pay off your loan as quickly as possible and the key to doing this is flexibility in your home loan.

Beware of loans that look cheap! You may end up compromising flexibility. The cheapest interest rate does not always mean it’s the best loan for you.

Determine what features are important to you. Do you want a Redraw facility that allows you to access any extra money you repay? Perhaps you want to be able to split your loan between variable and fixed interest? These things may not seem important now but think long term.

Check the Violet Loans page for our competitive and flexible products or click here to apply now.