Buyers Home Base Home Page Saving First Home Buyers Time and Money

Quick Enquiry

1 300 882 842

 
Read more testimonials from our satified clients

"After just 4 weeks of looking…I have bought a home! It happened very quickly because Julie had done all of the searching and sorting, selecting only the best properties for my perusal - which saved me so much time and energy. I would have also paid $15,000 more for this property, but with Julie's quick negotiation skills - I got it just in time ..."

Lucy Chapman

>> read more

 

First Home Buyers Grant (FHBG) Melbourne Victoria

If you are purchasing your first property, you may receive assistance, via a First Home Buyers Grant (FHBG) [or First Home Owners Grant (FHOG)] from the State Government. The FHBG or FHOG may be paid in addition to other exemptions or concessions for eligible homebuyers, including pensioners.

The First Home Buyer Grant (FHBG) scheme was introduced on 1 July 2000 to offset the effect of the GST on home ownership. It is a national scheme funded by the states and territories and administered under their own legislation. Under the scheme, a one-off grant is payable to first home owners that satisfy all the eligibility criteria.

Buying your first home is a major financial decision so it’s important to understand your financial responsibilities and what help and money is available to you

Before you buy your first home in Melbourne or Victoria, here are some essential facts you need to know regarding the FHBG.

You can receive $10,000 with the FHOG or FHBG

If you are buying or building a new home valued up to $750,000, you may be eligible for the First Home Buyer Grant (FHBG) or First Home Owner Grant (FHOG).

You may pay stamp duty on your purchase

When you buy your home, you'll most likely have to pay land transfer duty (otherwise known as stamp duty). How much you pay depends on your property's value, what you're using it for, if you are a foreign purchaser, and whether you are eligible for any exemptions or concessions.

There are exemptions and concessions for Stamp Duty

You may be eligible for – and receive – more than one exemption, concession or reduction from stamp duty for your property. In Victoria, these include:

As the ongoing owner of a property in Melbourne or Victoria, you may also have to pay various annual taxes and levies. For example, from 1 January 2016, a 0.5 per cent absentee owner surcharge on land tax will apply to Victorian land owned by an absentee owner.

Are you eligible for the FHBG?

If you are buying or building a new home, you may be eligible for the FHOG or FHBG (of up to $10,000) if you signed your contract on or after 1 July 2013.

Your new home can be a house, townhouse, apartment, unit or similar, but it must be valued at $750,000 or less and be the first sale of the property as a residential premises. You’re not eligible for the FHOG or FHBG if you or your spouse or partner have already:

  • Received the FHOG or FHBG in Australia,
  • Owned a home in Australia, either jointly or separately, prior to 1 July 2000,
  • Lived in a home in Australia in which either of you owned or part-owned on or after 1 July 2000, for a continuous period of at least six months

These criteria apply even if your spouse/partner is not an applicant with you for the FHOG.

Additionally:

  • All FHOG or FHBG applicants must be at least 18 at settlement or completion of construction (although there is discretion with this age requirement),
  • You (or at least one applicant) must be an Australian citizen or permanent resident at the time of settlement or completion of the home’s construction, and
  • You (or at least one applicant) must intend to live in the home as your PPR for at least 12 months, commencing within 12 months of settlement or completion of construction

New Zealanders holding a special category visa under s32 of the Migration Act 1958 and anyone holding a permanent visa under s30(1), are considered to be a permanent resident of Australia. To be eligible, NZ citizens must be in Australia at the time of settlement.

Established homes

Established homes are no longer eligible to receive the FHOG or FHBG. However, if you are buying an established home as your first home and you meet the FHOG or FHBG eligibility criteria (but for the fact that it is not a new home), you may be entitled to:

  • First-home buyer duty concession of up to 50 per cent (for homes valued at $600,000 or less), and/or
  • PPR concession (for homes valued at $550,000 or less)

For contracts signed prior to 1 July 2013, a FHOG of up to $7000 is still available for eligible applicants if you bought an established home.

Need Help?

Contact us today to discover how we can help you determine your eligibility and/or maximise your First Home Buyers Grant.

Alternately, you can request a Free Consultation to find out how we as First Home Buyers Advocates or First Home Buyers Agents can save you time, heartache and money with our Flat Fee Buyers Advocacy services specifically designed for fist time home buyers!

Free Consultation - Click here!

Read more testimonials from our satisfied clients!

SUPPORT

Free Consultation
FAQs
Privacy Policy
Terms & Conditions
Sitemap

QUICK LINKS

Home
Your Challenges
Our Solutions
Our Fees
Testimonials
About Us

CONTACT US

Ph: 1300 882 842

E: info@buyershomebase.com.au

Like us on FacebookLike us on Facebook

Subscribe or View our Blog Subscribe to our Blog

Visit our YouTube Channel
 

BOOK FOR FREE CONSULTATION

Take Advantage of a free consultation with one of our team and receive real answers and real value!

Click here for a free consultation with one of our team

© 2017 Buyers Home Base