Buying your first home is a major financial decision so it’s important to understand your financial responsibilities and what help is available to you.
If you’re a first home buyer you probably know that you’re eligible for government assistance, commonly known as first home owner grants.
First Home Owners Grant
The First Home Owners Grant in Victoria, is now $10,000 for those looking to build a new home (effective from the 1 July 2013, the FHOG increased from $7,000 to $10,000. The grant for established homes was reduced to $0 from $7,000).
The First Home Owners Grant (FHOG) is a payment from the Australian government. It’s a genuine grant that you don’t have to repay; nor do you pay interest on it. Homebuyers Centre will guide you through the entire application process for the First Home Owners Grant.
First home buyers in Victoria are eligible for a one-off $10,000 FHOG payment, when building a new home. To qualify, you must:
- Be an Australian citizen or permanent resident
- Never have owned a residential property in any State or Territory of Australia
- Never have received a First Home Buyers Grant from any State or Territory of Australia
- Be 18 years of age or older
- Occupy the home as your principal place of residence for a continuous period of at least 12 months of the completion of the FHOG transaction.
What’s more, stamp duty for first home buyers is waived (for homes of up to $500,000 in value).
Good news, our in – house first home buyer specialist can help you.
Call us today on 1300 732 595 and ask for Mohan.