So, you’re thinking about getting into your first home but the barrier to entry just seems too high. Well then, it’s time to take advantage of the First Home Owners Grant in VIC to finally get out of the rental cycle.
At No1 Property Guide, our team utilises Darren Walters’ no or low deposit new home system to help renters get into their own home. Using Darren’s system, in combination with the various government incentives, you can say goodbye to paying rent forever. Reach out to our New Home Consultants by filling in our pre-qualification form. We’ll take you along the homeownership journey and get you your best new home option.
What is the Victorian First Home Owners Grant?
Also known as the First Home Buyers Grant, the Victorian First Home Owners Grant (FHOG) is a governmental incentive introduced to help home buyers get into their first home. Eligible applicants will get a $10,000 grant to help you get out of your rental and into a place to call your own.
Do I Meet the Eligibility Criteria for the First Home Owners Grant in VIC?
If you’re looking to apply for this grant, you’ll need to meet the following conditions.
- Be 18 years or older.
- You or your partner must have never owned or co-owned a residential property in Australia.
- At least one of the applicants must be an Australian citizen or permanent resident.
- Need to be an individual, not a company or trust.
- At least one of the applicants must move into the new home as their primary place of residence within 12 months after buying the house.
- At least one applicant must live in the house continuously for 12 months. There is an exception for Australian Defence Personnel who are on duty or on leave.
The Price Limits for the First Home Owners Grant in VIC
There’s currently a price cap of $750,000 for the FHOG in Victoria. So, when you’re building a new home, the total cost of the house and land will need to be up to or below the limit for you to get the $10,000 grant. If you plan on getting a property that exceeds this limit, you won’t be eligible for the grant.
What Type of Properties Does the Victorian First Home Buyers Grant Cover?
The Victorian FHOG is typically only available for new houses or vacant land. On the condition, you will build a house on it in the future.
The team here at No1 Property Guide uses Darren’s low or no deposit house and land packages, to help renters become homeowners, whilst utilising all the government grants that are available to you.
Usually, you can’t get the FHOG if you plan on getting an existing home. But there’s an exemption to this rule. You can use the grant if the existing property is less than 5 years old and never lived in. Typically, this only applies to display homes or in the rare case when a house was built but never lived in.
Applying For the VIC First Home Owner Grant
If you want to claim the Victorian FHOG, you’ve got 2 ways to complete the application.
The first way is to do it yourself. After completing construction, you can apply to the State Revenue Office directly. But the application process can be complicated and time-consuming. And if you get it wrong you may need to start the process again or possibly miss out entirely.
The second and easier way of getting the FHOG is to get professionals to handle the application for you. When you work with No1 Property Guide, our New Home Consultants will take care of the application process for you. Our team has helped thousands of renters become homeowners by taking advantage of all the available grants, schemes, and government incentives, along with Darren’s no or low deposit house and land packages.
All you need to do is fill in our pre-qualification form. Our team will guide you through the entire homeownership journey. We’ll be with you from financing all the way up to handing over the keys to your new home.
First Home Buyer Stamp Duty Exemption VIC
Like most states, Victoria has a stamp duty on all property purchases in the state. Luckily, first home buyers are 100% exempt from stamp duty if it’s valued at $600,000 or less. Or they can get a concession rate for properties valued between $600,001 and $750,000.
This is obviously a huge saving and can help free up funds to go towards your deposit.
Our team uses all available grants, concessions and government incentives, in combination with Darren’s no or low deposit house and land packages to give renters the best possible deal when they get their new home.
Take your first step towards your homeownership dreams by filling in our pre-qualification form. It’s time for you to get your first home.