More first home buyers are entering the Victorian property market than ever before. It can be a daunting experience, but at PhilipWebb we’re here to help.
First home buyers are eligible to receive a range of concessions to assist them make their first purchase. Most banks or mortgage brokers will organise and process your application for these on your behalf, but it’s important you do your research and know what you’re entitled to.
First Home Owner Grant (FHOG) – first home buyers are eligible to receive a grant of $10,000 if buying or building a new home in Melbourne. If the home is in regional Victoria, the grant is $20,000. To be eligible, at least one applicant must:
- be an Australian citizen or permanent resident aged over 18
- intend to live in the home as their principal place of residence (PPR) for at least 12 continuous months, starting within 12 months of settlement or completion of construction.
Stamp Duty – first home buyers are entitled to a one-off duty exemption for a PPR valued at up to $600,000, or a one-off duty concession for a PPR valued between $600,001 to $750,000.
First Home Super Saver Scheme (FFSSS) – under the FHSSS, first home buyers who make voluntary super contributions of up to $15,000 per financial year, can withdraw these amounts from their super fund to put towards a home deposit.
HomeBuilder – to help stimulate the construction sector following the economic downturn caused by COVID-19, the Federal Government recently announced HomeBuilder. For a limited time, the HomeBuilder scheme will provide eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or renovate an existing one. For eligibility requirements, click here.