ING Loan Variations Online

Simple loan variations that do not involve changes to borrower details or a security prperty can be done online. Simple variations such as:

• Product Switch
• Product Split
• Principal Increase

For complex variations which include a change of borrower or security property please continue to use the Residential Loan Variation Form.

Please note that simple loan variations that are submitted to ING by fax or mail will not be processed.

To assist you when lodging a simple variation, help cards are available below:

Help cards:

• Click here for Product Switches
• Click here for Product Splits
• Click here for Principal Increases

Your Customers Can Unlock Their First Home with the FHOG!

What's FHOG?

The First Home Owners Grant (FHOG) is an initiative that started on 1 July 2000 to help first-time buyers like your customer get into the property market. Funded by states and territories, each region has its own rules and benefits. If your customer meets the criteria, they could receive a one-time grant to help them buy their first home.

How Does It Work?

The FHOG varies depending on where your customer plans to buy their first property.

Here's a quick guide:

New South Wales

• Grant Amount: $10,000
• Eligible Properties: New homes up to $600,000, or up to $750,000 if your customer is building or an owner-builder
• Bonus: Transfer duty exemptions and concessions for homes and land within specific value ranges

Australian Capital Territory

• Grant Amount: Replaced by the Home Buyer Concession Scheme
• Eligible Properties: Full stamp duty concession for eligible applicants

Victoria

• Grant Amount: $10,000
• Eligible Properties: New homes up to $750,000
• Bonus: Stamp duty exemption for homes up to $600,000, with concessions for homes valued between $600,001 and $750,000

Queensland

• Grant Amount: Up to $30,000 (for contracts signed between 20 Nov 2023 and 30 Jun 2025) or $15,000 for contracts entered before 20/11/2023.
• Eligible Properties: New homes up to $750,000
• Bonus: Stamp duty concessions for homes up to $800,000 (these amounts vary depending on purchase price)

South Australia

• Grant Amount: Up to $15,000
• Eligible Properties: New homes (house, unit, flat, townhouse or apartment) that will be your customer’s principal place of residence
• Bonus: Stamp duty relief for new homes or vacant land

Tasmania

• Grant Amount: $10,000
• Eligible Properties: New homes or off-the-plan properties
• Bonus: Full property transfer duty discount for established homes up to $750,000

Northern Territory

• Grant Amount: $10,000
• Eligible Properties: New homes only
• Bonus: Various grants, concessions, and rebates available

Western Australia

• Grant Amount: $10,000
• Eligible Properties: New homes up to $750,000 (south of the 26th parallel) or up to $1m (north of the 26^th parallel)
• Bonus: Stamp duty concessions for homes up to $600,000 (amount varies depending on purchase price)

Each state has different offers and conditions, so check your customer’s state specific website for all the details.

FAQ

First-time home buyers who meet the rules set by their state or territory. Your customer must be an Australian citizen or permanent resident and plan to live in the home.

 

The FHOG is mostly for new homes, but some states have extra help for buying old homes. Check your customer’s state rules.

 

Your customer can apply through their state's revenue office or their lender when they get a home loan. Have your customer’s documents ready!

 

Yes, many states offer extra help like stamp duty discounts and other rebates. These can lower the cost of buying your customer’s first home.

 

If your customer buys with a partner or friend, at least one of them must meet the FHOG rules. Both names need to be on the property title.

 

It usually takes a few weeks after your customer applies and gets approved

 

Yes, your customer can get the FHOG if they build their own home. It applies to new homes, whether your customer buys or builds.

 

Most states require your customer to live in the home for a certain time (usually 6-12 months). If your customer moves out early, they might have to pay back the grant.

 

No, your customer can only get the FHOG once. If they have received it before, they can't apply again.

 

There are usually no income limits, but there are other requirements. Your customer can check their state's guidelines for details.

How to apply?

Applying for the FHOG is easy. Simply complete the application form available on individual state specific websites.

Eligibility:

NSW applicants must:

• fully complete and lodge the application form with all relevant supporting evidence
• be a natural person (i.e. not applying as a company or trust), at least 18 years of age and whose interest in the property is not held subject to a trust
• ensure at least one applicant is an Australian citizen or a permanent resident
• be buying or building a new home for which the comprehensive home building contract was signed on or after 1 July 2023 or building a new home as an owner builder where building commenced on or after 1 July 2023
• Be buying a new home for which the comprehensive home building contract was signed on or after 1 July 2023 for which the total value of the property does not exceed the $750,000 cap, or

• Be buying a new home for which the comprehensive home building contract was signed on or after 1 July 2017 for which the total value of the property does not exceed the $600,000 cap, or
• Be building a new home for which the comprehensive home building contract was signed on or after 1 July 2023, or as an owner builder where building commenced on or after 1 July 2023 for which the total value of the property does not exceed the $750,000 cap.
• ensure each person holding a relevant interest in the property is an applicant
• ensure at least one applicant will reside in the home as their principal place of residence for a continuous period of at least twelve months commencing within 12 months of completion of the eligible transaction. Where an applicant was a member of the permanent forces of the Australian Defence Force and all applicants were enrolled on the NSW electoral roll, as at the commencement date of the eligible transaction, then all applicants are exempt from the residence requirement.

 

Applicants and their spouse/partner must not:

• have previously received a First Home Owner Grant in any State or Territory of Australia. If a grant was received but later paid back together with any penalty, you may be entitled to the grant
• have previously owned or held a relevant interest in a residential property anywhere in Australia prior to 1 July 2000
• have occupied for a continuous period of at least six months, a residential property in which they acquire a relevant interest on or after 1 July 2000 anywhere in Australia.

 

Helpful Tips for Timely Application Assessment

To ensure your customer's application is processed promptly, please:

• Read the Lodgement Guide: Familiarise themselves with the guidelines.
• Complete the Application Form: Fill out all required fields.
• Provide Supporting Documents: Refer to Section 8 - Supporting Documentation Checklist in the application form for the necessary documents.
• Review their application: Ensure all information is accurate and complete.
• Submit their application: Lodge it via ING or directly with Revenue NSW.