Unlock your first home with the First Home Owners Grant
For many first home buyers, getting into the property market can seem out of reach. Saving for a loan deposit is hard enough, not to mention other expenses like stamp duty and various up-front costs. However, the First Home Owners Grant (FHOG) is here to ease the pain and offer new hope.
You can now apply to your state government for a one-off payment that you put towards the cost of buying a new or off-the-plan home. How much money you get depends on what state you live in, where you plan to buy, and the value of your property.
Find out if you’re eligible for the FHOG here.
Victorian first home buyers can apply for a $10,000 grant on properties valued up to $750,000. But, if you’re planning to buy a home in regional Victoria, it doubles to $20,000 (up until June 2020).
In addition, you don’t have to pay stamp duty on properties valued at $600,000 or less. However, you can still get a discount on stamp duty if your property is valued between $600,001 and $750,000. You may also be eligible for other home-owner benefits, which you can use in conjunction with the FHOG.
Your first home can be a house, townhouse, apartment or unit, but needs to be less than five years old. It must also be your primary place of residence, not a holiday house or investment property.
If you'd like to know more please talk to the Start Point team today.