What is the First Home Owner Grant VIC?
The First Home Owner Grant VIC is a Victorian State Government initiative designed to make it easier for first-time buyers to purchase a home. It is a one-off, lump payment paid by the Victorian government to eligible individuals, couples and families.
How much is the first home owner grant in Victoria?
In Victoria, the grant currently gives eligible first homeowners:
$10,000 towards buying or building a new property up to the value of $750,000; and
$20,000 if that property is a newly built home in a regional area, and contracts were signed between 1 July 2017 and 30 June 2020.
How do Victorians apply for the first home owner grant?
When it comes to claiming the First Home Owner Grant VIC, you have two choices. If you have completed construction or have already settled on your property, you can choose to submit your application directly through the State Revenue Office (SRO) yourself.
However, the application process can be quite complex and time-consuming, so the safer option is to have an approved agent submit it on your behalf. Generally, if you are also applying for a loan, your bank will normally organise and process the FHOG for you. However, you may also want to consider working with a broker to ensure your application goes smoothly and is approved as promptly as possible.
If you're a first home owner in Victoria, you could be eligible for a $10,000* FHB grant plus an
additional $25,000* from the newly announced HomeBuilder Scheme.
For more information about homebuilder grant, please read our previous article.
Are there other concessions for first home owners in Victoria?
In Victoria, the FHOG may be paid in addition to the other exemptions or concessions available to first home buyers. This includes stamp duty exemptions and concessions for pensioners and the young farmer exemption/concession.
For more information about your eligibility to take all the advantage above, contact our friendly consultant now.