To promote home ownership, the Victorian government is giving financial assistance and other concessions to first time home buyers. Eligible first home buyers enjoy a one-time grant of $10,000 or $20,000, depending on the location of the property. This is in addition to other benefits and concessions given to first home buyers in Australia.
For buyers in metropolitan Victoria, the first home owners grant is $10,000. This amount is doubled for those eligible buyers in regional Victoria, where the first home owners grant is $20,000. To be eligible for the grant, the buyer must meet the following qualifications:
- The buyer must purchase or construct a new home valued for $750,000 or less;
- The buyer must make the new home his principal place of residence for a continuous period of at least 12 months;
- The buyer must be at least 18 years of age;
- The buyer must be an Australian citizen or permanent resident of Australia;
- It must be the first time that the buyer will receive a first home owner grant in Australia;
- The buyer must have never owned a home in Australia prior to 01 July 2000; and
- The buyer must have never occupied a home in Australia that he owned or part-owned for a period of at least 6 months on or after 1 July 2000;
- For the $20,000 grant, in addition to the above criteria, the property must be located in regional Victoria and the contract must be signed on or after 01 July 2017.
The new home to be constructed may be a newly constructed home, a newly renovated property being sold for the first time as a residential property, a house and lot package, or a vacant lot where the buyer will construct a new home. It must have a value of $750,000 or less, and intended to be the principal place of residence of the buyer. It cannot be an already established home or a vacation house.
If you are a first home buyer and need to know more, please do not hesitate to contact our friendly team on (03) 9744 1881 or email email@example.com