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

Quick Enquiry

1 300 882 842

 
Read more testimonials from our satisfied clients

Buyers Home Base was a pleasure to deal with, from the start we knew we had the right person involved in helping us find the right property.

The experience and knowledge were valuable ingredients in navigating through the property market, especially in a Sellers market. We will be using your talents to expand our property portfolio and referring you to others who could use your help, whether they realise it or not!

The Bragagnolo Family

>> read more

 

First Home Owners Grant (FHOG)

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 FHOG or FHBG may be paid in addition to other exemptions or concessions for eligible homebuyers, including pensioners.

The First Home Owner Grant (FHOG) 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 is available to you

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

You can receive up to $10,000 with the FHOG

If you are buying or building a new home valued up to $750,000, you may be eligible for the First Home Owners Grant (FHOG). A $20,000 FHOG for regional areas may also apply.

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 2017, a 1.5 per cent absentee owner surcharge on land tax will apply to Victorian land owned by an absentee owner.

Are you eligible for the FHOG?

If you are buying or building a new home, you may be eligible for the FHOG (First Home Owners Grant Melbourne)or FHBG (of up to $10,000) if you signed your contract on or after 1 July 2013. A $20,000 FHOG for regional areas may also apply.

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 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 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. 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  a one-off duty exemption for a Principal Place of Residence (PPR) valued up to $600,000, or a concession for a PPR with a dutiable value from $600,001 to $750,000, and/or
  • PPR concession 

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.

Apply online for the First Home Owners Grant

If you feel you are able, you can apply online at the Victorian State Revenue Office site. Go to the First Home Owners Grant Application form page.

Need Help?

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

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
For BHB Advocates

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

Buyers Home Base YouTube Channel 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