First Home Owner Grant for Victoria

The First Home Owner Grant is also known as FHOG. It is a Government scheme that provides a one off payment to a first home buyer who purchases or builds their first home.

The payment provided by the government and the eligibility rules differ from state or territory where purchased.

Here we summarise some basic information relating to the First Home Owner Grant in Victoria.

You can receive up to $20,000 in Victoria if you are buying or constructing a property valued no less than $750,000. However, this will depend on where you buy.

If you purchase in regional Victoria your FHOG can amount to $20,000. If you’re buying outside regional Victoria you will receive $10,000. The applicant must live in the property continuously for at least 12 months after buying it.

The Victorian FHOG is only available for new homes that haven’t been occupied. But first home buyers in Victoria are exempted from paying stamp duty whether the house is new or established. The house must cost less than $600,000 to get this benefit.

For additional information, you can visit the website of State Revenue Office of Victoria.

How to apply for FHOG

You can visit the State Revenue Office of Victoria. They can also advice on your eligibility. When meeting the criteria, you can lodge your FHOG application directly. In many cases, first home buyers often have the assistance of the mortgage broker or home loan lender who can lodge it simultaneously when you apply for finance.

If you’d like to talk about buying your first home, please don’t hesitate to contact us. We specialise in sourcing brand new and off the plan properties and understand the nerves of taking this big step.

www.crestproperty.net.au

While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more, please contact us. We welcome the opportunity to assist you.

August 2020