First Home Owners Mortgage
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The bnext First Home Owners Mortgage has a low variable interest rate of 7.14% with a comparison rate of 7.13%.*
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With the housing market continuing to increase it's quite a challenge to enter the property market. With the bnext First Home Owners Mortgage you get:
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- 6 months interest free credit card
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- 100% loan for metropolitan areas
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- options cover to protect you in the event of accident, illness or employment
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Check out our current interest rates.
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Download an application form or call 1300 4 BNEXT to get the ball rolling for buying your first home.
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First Home Owner Grant
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What is the First Home Owner Grant?
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The First Home Owner Grant (FHOG) scheme was established to offset the effect of the GST on home ownership by providing a grant to first homeowners. The scheme came into effect on 1 July 2000 and is an on-going scheme. The FHOG is not means-tested nor is it restricted by the purchase price of the property.
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How Much is The Grant?
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A one-off payment of up to $7,000 will be payable to eligible first home owners to help with their purchase or construction.
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Are You Eligible?
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To be eligible to receive the FHOG, each applicant must satisfy the following eligibility criteria:
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- Eligible applicants must be natural persons, who are Australian citizens or permanent residents who are buying their first home in Australia
- To qualify for assistance, neither the applicant nor their spouse (or de facto) must have owned a home prior to 1st July 2000, either jointly, separately or with some other person
- Neither the applicant nor their spouse (or de facto) must have claimed this grant previously
- Entering into a binding contract or commencement of building, in the case of own builders, must have occurred on or after 1st July 2000
- An eligible home will be located in Australia and will be a new or established house, home unit, flat or other type of self-contained fixed dwelling that lawfully can be used as a place of residence
- An eligible home must be occupied by the applicant(s) as their principal place of residence within 12 months of completion of construction or settlement of the home
- Application for the grant must be made within 12 months of completion of the construction or the settlement of the home
- There is no tax payable on the grant
- Joint applications will be restricted to a single application for a single property and only one payment will be made
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Which homes qualify?
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The home must be a fixed dwelling that meets local planning standards and this includes new or existing dwellings such as a house, flat, unit, townhouse or apartment.
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How and Where Do You Apply for the $7,000 Grant?
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Applications forms are available from Big Sky. On application a Big Sky Consultant will discuss with you what supporting documentation is required. You can lodge your application through Big Sky. If you have additional questions about eligibility for the Grant, contact your legal representative, or State or Territory Revenue Office.
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Additional First Home Owner Benefits
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Some States and Territories continue to assist First Home Buyers with additional amounts granted on top of the First Home Owners Grant. With the end of the First Home Owner Boost on contracts signed after 31 December 2009, the State Governments of Victoria, New South Wales and South Australia will still provide additional funds for first home buyers. To check eligibility contact your respective State Revenue Office.
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* terms and conditions apply
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