First home buyers in Victoria can combine several other schemes with the FHOG and stamp duty concessions if they wish, potentially providing tens of thousands in savings.
The VIC FIRST HOME OWNER GRANT
First home buyers in Victoria can get the First Home Owners Grant (FHOG) if they are buying or building a new home.
Currently, first home buyers in Victoria can receive a grant of $10,000, if they’re eligible.
For contracts signed from 1 July 2017 to 30 June 2021, buyers in regional Victoria could qualify for $20,000.
The grant is only available to those buying or building a new home valued up to $750,000.
A new home can be a home that is substantially renovated, or a home built to replace demolished premises. It cannot be an investment property or a holiday house.
ARE YOU ELIGIBIE FOR FHOG
Eligibility criteria for the FHOG differs across Australia. For example, in VICTORIA the property’s value cannot exceed $750,000.
If you’re buying or building a new home in Victoria valued up to $750,000, you could access a FHOG of $10,000. Again, the home must be brand new, and you must be a first home buyer to access the scheme.
Generally speaking, the eligibility criteria is as follows:
- You can apply as an individual or couple, but you must be married/de-facto
- You must be an Australian citizen when you enter the loan
- You must be at least 18 years old
- You can be earning up to $125,000 as a single person or $200,000 as a couple
- You must intend on living in the property
- You must be a first home buyer
Additionally, the property you’re purchasing must be ‘new’ under the FHOG. However, what is considered ‘new’ might vary.
Vic STAMP DUTY Concessions for First home buyers
If you bought your first home on or after 1 July 2017, you may be eligible for an exemption or concession from stamp duty.
This duty assistance is available to eligible first home buyers, in addition to the grant.
The first home buyer duty exemption or concession may be available if:
- You enter into a contract of sale to buy your first home on or after 1 July 2017
- Your home has a dutiable value of:
o $600,000 or less to receive the first home buyer duty exemption
o $600,001 to $750,000 to receive the first home buyer duty concession
