21/09/2017
USING YOUR FIRST HOME OWNERS GRANT (FHOG) AS A DEPOSIT.
If you are looking to use the FHOG for the entire amount of your deposit, the following requirements need to be considered:
1: You need to show a satisfactory rental payment history over the last 6 months, to show you can afford loan repayments once you get your first home
2: The property you are purchasing must be a brand new apartment, townhouse or house that has never been lived in.
3: You must have a good credit history.
4: You can show sufficient regular income to support the home loan repayments.
5: The Grant must not exceed 5% of the total property purchase price.
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If you are looking to use the FHOG for a partial amount of your deposit, the following requirements need to be met:
1: You need to show 5% in genuine savings for a period of 3 months or more.
2: The property you are purchasing must be a brand new apartment, townhouse or house that has never been lived in.
3: You must have a good credit history
4: You can show sufficient regular income to support the home loan repayments.
