If you are thinking of buying a new home, you could be eligible for government grants through which you can save thousands of dollars. Based on the location where you buy a home, you may have to go through some requirements and you could receive different amounts. First home buyers grant eligibility criteria can vary from one state to another territory. Therefore, don’t forget to seek help from professional brokers who would have in-depth knowledge about government grants and concessions. Brokers can help you with comparing costs and eligibility criteria to access those grants. To know how you can save thousands of dollars on buying your first home, continue reading this blog:
Who can Access First Home Buyers Grant in Melbourne?
First home owner grant (FHOG) is for first-home buyers, which is financial assistance by the government to help first home buyers to buy their first home. A $10,000 first home owner grant is available for eligible candidates. However, applicants need to meet eligibility criteria before accessing the FHOG scheme. Your eligibility will depend on what territory or state you want to purchase your first home in, how much you are likely to spend, and if you already own any property. Each territory and state has its own terms and conditions. Take a look at the following section to know first home buyers grant VIC eligibility:
- You or your partner must not have previously received a first home owner grant in Australia.
- Prior to 1 July 2000, you must not have bought a home or any residential property in Australia, either separately or jointly.
- Your age must be 18 or above.
- You or one other person you are buying a home with must be an Australian citizen or a permanent resident.
- You have to apply for this grant as an individual entity, not as a trust or company.
Who Can’t Access First Home Buyers Grant in Victoria?
You will not be eligible to get benefits of the FHOG scheme if you or your partner already have:
- received first home owners grant in Australia.
- bought a home or any other residential property in Australia, either separately or with someone else, prior to 1 July 2000.
- lived for at least six months continuously in a home that either of you bought or part-owned on or after 1 July 2000 in Australia.
What Benefits the First Home Buyers in Melbourne, Australia, Can Get?
Most first-time home buyers seek help from home loan brokers to get the right home loan option. In addition to this, they also help first-time home buyers to access appropriate government grants and concessions to save thousands. Take a look at the following section to know what benefits you can get through FHOG in victoria:
- You can use the first home buyers grant as a deposit. Moreover, terms and conditions may also apply. You can ask Star Homeloans in Australia for more information.
- If you are a New Zealand citizen, even then you can access the FHOG scheme. To be eligible for this grant, you need to be living in Australia when the eligible transaction is done. In most cases, NZ permanent residents can’t access this grant, unless they have a partner who is an Australian citizen.
Get Home Ownership Sooner with First Home Buyers Grant in Melbourne
In almost all circumstances, home loan brokers can help you access the FHOG scheme, or lenders can help file the FHOG application on your behalf. If you are ready to buy your first home in Melbourne, but worried about the fund, then you can seek help from a home loan broker that can help you with enough funds. If you want to buy your own home in Sydney, then you can opt for the first home buyers grant in Sydney 2023. However, terms and conditions may vary.
Conclusion
By accessing government grants and concessions, you can buy your own first home. However, to access any grant, you need to have complete information about that grant and meet eligibility criteria. Due to this reason, you can reach Home Star Home Loan as we can help you throughout the home-buying process and even beyond. We serve our home loan and mortgage services across Australia, so wherever you are in Australia, we can help you.
