Most of us can only be so lucky to be sitting in the hot seat across from Eddie McGuire, competing for the chance to win a million dollars. When you take into account that you have to be accepted as a contestant in the first place, plus be able to answer question after question, the odds of making it all the way can themselves seem like a million to one.
But how sweet it would be! With $1 million, you could easily pay for the median Sydney home value of $868,350, as worked out by CoreLogic RP Data, not to mention a property in any other capital of your choosing. Even if you ‘only’ won $50,000, that’s still enough to make up a good chunk of the deposit for a first home loan. But this is only a pipe dream, right?
In New South Wales, any first time buyer who’s either buying or building a brand new home can get a cool $15,000. That’s more than you could make in the first 10 rounds of the show!
As it happens, while first home buyers will be hard pressed to become millionaires at the click of a finger, they can be ‘thousandaires’. It’s all thanks to the First Home Owner Grants (FHOG) offered in many of Australia’s states and territories. Here are how some of the FHOGs break down.
New South Wales
In New South Wales, any first time buyer who’s either buying or building a brand new home can get a cool $15,000. That’s more than you could make in the first 10 rounds of the show! So either look for a home that no buyer has ever set foot in before, or take out a construction mortgage and build your own.
In the Sunshine State, the FHOG is known as the Great Start Grant, and it has the same conditions as that of NSW: Buyers receive $15,000 for a new house, unit or townhouse, as long as it’s valued under $750,000.
The rules in the ACT are a little different. This grant is worth $12,500, but applies to both new and “substantially renovated” properties. The latter refers to homes where renovations have removed or replaced all, or just about all, of the older dwelling – meaning most of the rooms have been affected. No one can have lived in the home since the renovation.
It’s not as easy as just applying for the grants. Just like you would to win a million dollars, you’ll have to answer some questions first:
- Are you over 18?
- Have you or your spouse never owned a property before?
- Are you or your spouse an Australian permanent resident or citizen?
- Are you an actual human being, and not a trust or company?
Thankfully, these questions are a lot easier than the ones Eddie puts to his contestants.