Can you use first home owners grant as deposit?

Hi, Yes it can be part of your deposit.

Hi there, You generally would not be able to use it as a deposit but with some lenders you will be able to use it to complete the purchase on settlement day. You will need to ask your lender or broker if your lender will make the FHOG available for settlement.

Yes, you can use the First Home Owners Grant (FHOG) as a deposit when applying for a home loan. The FHOG is a one-off payment from the government to first home buyers to help them get into the property market. It is paid directly to the purchaser, who can then use it as a deposit for their home loan. The amount of the grant varies from state to state, so it’s important to check with your state government to find out what the current grant amount is. In addition, there are certain eligibility criteria that must be met in order to qualify for the grant. These criteria include having an Australian citizenship or permanent residency, being over 18 years of age, and having never owned property in Australia before. Using the FHOG as a deposit is a great way to get your foot in the door of the property market, and it can help you to save money in the long run. However, it’s important to remember that the grant is not a substitute for a deposit, and you will still need to provide a deposit in order to secure your loan. If you’re considering using the FHOG as a deposit, it’s important to speak to a qualified home loan specialist who can help you to understand the process and make sure you’re getting the best deal possible.