Buying your first home in Victoria can seem like an impossibility with rising property prices and the lack of land across the state. But, thanks to the First Home Owners Grant Victoria (FHOG), combined with Darren’s no or low deposit new home system at No1 Property Guide, owning your very own home in Victoria is a real possibility!
Want to understand more about becoming a first homeowner in Victoria? Then keep on reading! Darren Walters, CEO and Founder of No1 Property Guide, has helped thousands of renters become homeowners across Australia and understands what it takes to take advantage of the FHOG and build your own home in Victoria.
The first step in owning your own home, whether it’s in Victoria or anywhere in Australia, is to understand your borrowing capacity. From there, you can work with our New Home Specialists to discover what your factual options are.
What is the First Home Owners Grant in Victoria?
In Victoria, the First Home Owners Grant is $10,000. This is only applicable to newly built homes, or a home you’ve chosen to build from scratch. Currently, your new home can be a house, unit, apartment, or townhouse, but it must value at or under $750,000 to be eligible.
Outside of these, the Victorian FHOG is basically the same as the rest of Australia. To be eligible you’ll need to:
- Be over 18 years old
- Be an Australian citizen or permanent resident
- Must not have owned a property before
- Live in the new home for the first 12 months
On top of the FHOG, some first home buyers will also be eligible for an exemption or concession on their stamp duty if the property is valued under $600,000. This can be a huge saving, sometimes as much as $31,000!
At No1 Property Guide, our New Home Specialists have years of experience finding and applying for grants on behalf of our clients. We have a thorough understanding of what the eligibility criteria are and can guide you through the application process and help you get approved. The first step is completing our pre-qualification form so we can help you understand your factual new home options.
First Home Options in Victoria
As with most of the country, Victoria is subject to a land shortage. This makes it hard to buy or build new properties across the state. This is particularly noticeable in Melbourne, where undeveloped land is basically a pipedream. And even if there is any, it’s more expensive than what the FHOG allows.
That’s why, at No1 Property Guide, we focus on developments and estates in the outer suburbs and throughout regional Victoria. This allows us to provide affordable house and land packages to first home buyers, those who’ve owned before and investors throughout Victoria.
It also means we’re able to package a new home for you that falls into the criteria of the FHOG. And also allows you to benefit from the $10,000 grant from the state government!
Many people have never considered not living in the inner suburbs. But recently the outer suburbs and regional areas have become a favourite for many new homeowners. This is thanks to a mixture of great public transport and world-class facilities that aren’t just in Melbourne.
Of course, WFH has also become a staple for many workforces. Which allows many renters who had to live close to work, buy further out of the city while still being able to do their job.
Understanding your borrowing capacity is the first step. All too often we see clients who have their hearts set on a certain block or suburb and have already started planning their life for that area. But then they find out their borrowing capacity can’t afford them to live there, and they’re devastated.
Before you start getting invested in an area or property, take a moment to fill in our pre-qualification and learn your borrowing capacity. This will give you a rough idea of what you can borrow. While also allowing our New Home Specialists to find the perfect house and land package for you.
“My wife and I came to Qld 18 months ago assuming we would be forever renting , however after finding an ad and making one phone call we started the ball rolling on our final forever home. We cannot thank Darren Walters and his team, Caleb, Clayton and Leon for all their help and support throughout the process, without them this would not be happening for us. We are so happy making that one call.”
“Would highly recommend No1 Property Guide to anyone looking to break the rental cycle. The guidance and expertise of Darren and the team, made the road to unconditional financial approval far less daunting. Their prompt return of emails and calls, for any and all queries we had, makes us really feel valued as customers.
Thank you to Darren, Clay and everyone at No1 Property Guide for helping to make our home building dreams a reality.”
Amy Elizabeth Atkinson
“We are still on cloud nine after learning we have gone unconditional!
We honestly cannot thank the team enough @no1propertyguide Darren Walters, Clay, Caleb & Leon enough for their assistance & support through the whole process.
If you are looking to break into the housing market but not sure where to start, I highly recommend giving No 1 Property Guide a call.
Looking forward to the steps ahead and the building process”
How Can No1 Property Guide Help?
Not sure where to begin? Then your best bet is to get in touch with the New Home Specialists at No1 Property Guide. Our team has extensive experience in helping first home buyers achieve their homeownership dreams. And we understand what it takes to get approval.
Darren’s specialised no or low deposit system is designed to give you the best chance of entering the property market. By tailoring your applications to lenders requirements, we’re can increase your odds of approval. And possibly get you into your new home sooner.
To find out how No1 Property Guide can help you take advantage of the First Home Owners Grant in Victoria, contact our team or fill in our pre-qualification form to get your homeownership underway. From there, one of our New Home Specialists will be in touch to discuss your factual new home options.