Glossary F

First Home Owners Grant
The Federal Government introduced the FHOG on 1 July 2000. Although it was initially established to assist counterbalance the increased cost of building a home due to the GST, it also applies to buying an established home. The amount of the grant is a non-means tested flat rate of $7,000.

These are items that can be removed without causing damage to a property.

Fixed rate
This applies to mortgages where the interest rate is fixed and is not affected by inflation, or deflation, and is for an agreed period of time. Most fixed rate loans can be taken out over a 1, 2, 3, 4, 5, 7, or 10-year period and the interest rate offered to you at the time of applying for the loan will remain ‘fixed’.

These are items that are likely to cause damage to a property if removed. It pays to check what the sale contract specifies.

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