Buying your first home can be filled with excitement as well as overwhelming emotions. Having experienced home loan brokers on your side can help guide you in the right direction and reduce your stress. If you are a first home buyer in Melbourne, then you can save thousands by accessing the first home owner grant (FHOG). This is a grant introduced by the government to make it easy for first home buyers to buy their first home. Since its commencement in 2000, eligibility for the first home owner grant and the property type one can buy has changed. Now, the question arises, is the first home owner grant available in Melbourne? To know the answer to this question, keep reading this blog.
What is First Home Owner Grant in Melbourne?
For many first home buyers, buying a home in Melbourne might be a dream, but the thing that stops them from buying their first home in Melbourne might be a house deposit. However, to help first-time home buyers buy their first home, the government introduced the FHOG scheme. According to the first home buyers grant, first home buyers can receive a $10,000 grant for buying or constructing a new home in metro Melbourne that’s worth $750,000 or less. On the other hand, if you decide to build or buy a home in regional Victoria, then you can receive up to $20,000 (conditions may apply).Are you Eligible for First Home Buyer Grant in Melbourne?
To access the government grant, you have to meet certain conditions. However, these conditions may vary from state to territory. Take a look at the following section to know what eligibility requirements you need to meet:- At the time of a contract, you must be 18 or over
- At least one of the first home buyers must be a permanent citizen or an Australian citizen
- You must not be a company or trust and must be an individual entity
- You may be eligible for a first home buyer grant in Melbourne if you or your partner purchased the property on or after 1 July 2000 and haven’t lived there.
- You and your partner haven’t received the first home buyer grant in any territory of Australia.
Who is not Eligible for Accessing FHOG Scheme in Melbourne?
You are not eligible to apply for the FHOG scheme if you and your partner have previously:- Got a first home buyer grant in Australia
- Owned a home in Australia, either separately or jointly prior to 1 July 2000
- Lived in a home that either of you owned or part owned after or on 1 July 2000 for at least 6 months continuously
Are You Ready to Buy Your First Home in Melbourne with a Low Deposit?
If you are looking to buy your first home in Melbourne with a low deposit, you can reach Star Homeloans as we have been helping first home buyers for several years. There are various first home buyers in Melbourne looking to buy their own first home but are worried about a huge amount for a house deposit. If your concern is the same, then we can help you buy your first brand-new home with only a 5% deposit (conditions may apply). Despite this, if you are a single parent with at least one dependent, you can buy your home with only a 2% deposit but there will be some conditions to be met. We can make your dream of having your own home true by helping you with the right home loan solutions.Conclusion
If you are a first time home buyer in Melbourne and meet all the conditions for FHOG scheme, you can apply for this grant. Home star home loans in Australia can help you throughout the process. We can help you buy your first home with a low deposit and help you choose the appropriate home loan option. For detailed information regarding home loan options and government grants, you can contact us.Other Useful Links:
