First home buyers grant is provided by almost every state and territory government of Australia. These are cash grants available to those who are buying a home for the first time.First home owners grant Melbourne eligibility criteria and amounts can vary a lot based on where you live. In today’s blog, we’ll discuss the requirements for accessing the first home owners grant
First home owners grant in Victoria eligibility criteria
The eligibility criteria between different states and territories may vary, but generally, eligibility requirements include:
- You must not be a company or trust, but you need to be a first home buyer as a person.
- A candidate who is applying for the first home buyer grant must be at least 18 years old.
- At least one applicant must hold an Australian citizenship or permanent resident.
- Make sure you or your partner hasn’t received the FHOG scheme anywhere in Australia.
- You or your spouse must not have bought a property previously in Australia that had a residence on it, prior to 1 July 2000.
- You or your spouse must not have lived in a home that you owned from 1 July 2000.
- You must live in your first home as your principal residency within 12 months of the purchase or construction of your home and the minimum occupancy period should be 12 continuous months.
What method can be used to apply for the first home owners grant?
There are various ways through which you can apply for the FHOG scheme. However, the best and easiest way to apply for this scheme is through home loan brokers. You can get in touch with Star Homeloans where you will be guided throughout the home-buying journey. We can show you the State Grants that you can apply for and can assist you with your home loan application.
What is the amount available for the first home owners grant in Melbourne?
With the first home owners grant, you can receive $10,000 when you buy or construct your first new home. However, make sure you meet all the eligibility requirements for accessing the FHOG scheme.
Are first home buyers exempt from stamp duty in Victoria?
If the property value is below $600,000, the first home buyers in Victoria are not required to pay stamp duty on their first home purchase. It means first home buyers can save up to $31,000. On the other hand, if your established home is valued between $601,000 and $750,000, then first home buyers can apply for stamp duty concessions.
How much FHOG scheme in each state?
- NSW: In New South Wales, first home buyers can receive $10,000 FHOG.
- QLD: Currently, $15,000 FHOG is available for first-time home buyers in Queensland.
- VIC: In Victoria, $10,000 FHOG is available.
- TAS: Until 30 June 2023, in Tasmania, first home buyers can receive $30,000 FHOG.
- SA: In South Australia, the first home buyers grant is worth $15,000.
- WA: $10,000 FHOG is available to first-time home buyers.
- NT: In the Northern Territory, $10,000 FHOG is available.
5% and 2% Deposit Home Loans for First Home BuyersThere are various schemes available that allow first home buyers to buy a home with only a 5% or 2% deposit, however, they need to meet eligibility criteria.
- First Home Guarantee
The first home guarantee scheme is for first-time home buyers to buy their dream home with only a 5% deposit with no LMI. This scheme can save you thousands of dollars on your first home purchase. To apply for the first home guarantee scheme, you can seek help from Star Homeloans.
- The Family Home Guarantee
According to the federal government, single parents can access the family home guarantee scheme. As per this scheme, eligible single parents can buy their first home with only a 2% deposit. To apply for this scheme is easy, you can ask home loan brokers at Star Homeloans regarding this scheme.
If you are a first home buyer in Victoria and looking to access the FHOG scheme, you can get in touch with Home Star Homeloans. We specialise in dealing with clients who are looking for home loans and mortgage solutions in Australia.