First Home Owners Grant
The Victorian Government recently introduced changes targeted at first home buyers. The initiatives include raising the FHOG (First Home Owners Grant) in regional areas and abolishing stamp duty. For some people, the increase in the FHOG could remove the deposit/savings history obstacle - selected lenders (check with yours, please) will allow the grant to be used as such.
First homebuyer incentives include:
- All first home buyers are exempt from paying stamp duty on property purchases valued below $600,000, with a sliding scale for purchases above $600,000
- The First Home Owners Grant (FHOG) has increased from $10,000 to $20,000 for new homes built in regional Victoria up to the value of $750,000
- Regional build zones include Beveridge and Wallan in the North, and Geelong on the West Coast
We recommend that you discuss any FHOG initiatives with your New Home Advisor and our Mortgage Domayne finance consultants. For more information and eligibility criteria, we urge all first home buyers to visit State Revenue Office Victoria.
Eligibility Criteria
- Are an Australian citizen or permanent resident
- Are 18 years of age or older
- Have not previously received a First Home Owners Grant from any state or territory
- Have never owned a residential property anywhere in Australia
- You occupy the home as your principal place of residence for a continuous period of at least six months, within 12 months of receiving the FHOG
Stamp Duty Concessions on land
In addition to the FHOG government assistance, first home buyers are also eligible for concessions on stamp duty for the purchase of vacant land.
That means, as a first home buyer, you are exempt from Stamp Duty on your land up to $300,000.
Ready to make it happen?
Great, then all you need to do is to drop us a line. We’ll listen to what you want, then we’ll make it happen in the easiest and fastest way possible. Plus we can sort out everything for you – from FHOG and finance, to finding the perfect block and designing your new home. Whatever you need, we’ll tick it off for you. Let's do this!