Are you looking to buy your first home in Victoria? Here, your major concern would be a house deposit. You might be looking for government schemes or programs to save for a house deposit. This guide is for you, where you will learn about first home buyers grant VIC, its benefits, and eligibility criteria.
What is the First Time Home Buyers Grant VIC?
The First Home Buyers Grant is a financial support given by the Federal government, which was introduced in 2000 to help first home buyers buy a house with this grant. This grant can be used as a house deposit, which means it can save a minimum amount for a house deposit. If you are an eligible first-time home buyer, you could access a first home buyer grant in a state or territory where you live.
While the first home buyers grant is a national scheme, it’s administered by the states and territories and supported by each of them individually. In simple words, each state and territory will have slightly different eligibility criteria.
What are the First Home Buyers Grant VIC Eligibility Requirements?
Each state and territory has its own first home buyers eligibility requirements. Similarly, when you apply for the VIC first home buyers grant, you have to meet the following eligibility conditions:
- You must be 18 years old or above.
- At least one of the first home buyers should be a permanent resident or an Australian citizen.
- You have to be an individual, not a trust or company.
- You and your partner must never have bought or co-owned residential property in Australia.
- You and your partner must never have applied for first home buyers grant VIC, Australia.
- You and your partner must move into the new home as your main residence within 12 months of purchasing the property and reside there for at least 12 continuous months.
How Much is the First Home Buyers Grant VIC?
The first home buyers grant in Victoria is only available if you meet the eligibility criteria as mentioned above. Eligible first-home buyers in VIC will receive a $10,000 first home buyers grant in VIC. The property value must be $750,000 or less, and it should be new.
Can You Use VIC First Home Buyers Grant as a House Deposit?
After receiving the first home buyers grant VIC, you can use this grant as a house deposit. While this amount might not be enough, you can apply for a first home buyer home loan. For first-home buyer home loans, you can get in touch with mortgage brokers at Star Homeloans in Australia.
Do You Need to Pay First Home Buyers Grant VIC Stamp Duty?
When you purchase your first home on or after 1 July 2017, you may qualify for a stamp duty exemption or concession. Duty exemption and 50% duty reduction are available to eligible first-home buyers when they buy their first home in Victoria with a worth of up to $600,000. The duty concession may apply when the dutiable value is over $600,000 but not above $750,000.
How Do You Apply for VIC First Home Buyers Grant?
Applying for a first-time home buyers grant in VIC is easy and Star Homeloans can make this process easy for you by guiding you through the paperwork. For more information on filling out the application form for applying for the first Home Buyers grant, you can get in touch with Star Homeloans in Australia.
Conclusion
When applying for the first home buyers grant in Victoria, make sure to meet eligibility requirements. To meet house deposit requirements, you can take out first-home buyer home loans through mortgage brokers at Star Homeloans.