Planning to buy your first home in Melbourne in 2025? You could qualify for one of the many first-home buyer grants and schemes available across Australia. Think of it as a helping hand from the government – a way of saying, “We know buying a home is tough, so we’re here to assist”. Let’s dive in. This is your complete guide to first home buyers grant in Melbourne and schemes available at both the federal level and across each state and territory in Australia.
First Home Buyer Grant in Melbourne: What is It?
The First Home Owner Grant (FHOG) was introduced on 1 July 2000 as a one-time payment for eligible first-home buyers to help counter the impact of GST. Although it is a national program, each state and territory administers it according to its own legislation, meaning there are slight variations in how it works depending on your location. For instance, a first home owners grant in Melbourne is worth $10,000, but you need to meet a few conditions.
The eligibility criteria for the First Home Owner Grant (FHOG) are consistent across all states and territories, including the following:
- Applicants must be at least 18 years old
- You must be an Australian citizen or permanent resident (or applying with someone who meets these criteria)
- You must be a first-time home buyer who has never owned property or received a grant before
In addition, there are FHOG property requirements, which include:
- The property must be purchased or built in the state or territory offering the grant.
- You must move into your new property within one year of purchase and live there for at least 6 to 12 months, depending on the state.
Frequently Asked Questions on FHOG
When buying a first home using a first home buyers grant, you may have various questions in your mind. Here we have a list of questions that are frequently asked by people looking to apply for FHOG:
How to apply for the first home buyer grant in Melbourne?
It’s easy to apply for the first home owners grant in Melbourne through mortgage brokers. As the best mortgage broker in Melbourne, Star Homeloans can help you through the paperwork.
What other grants or schemes are available to first-home buyers?
There are few government grants available to first home buyers, which include first home guarantee, regional first home buyer guarantee, and family home guarantee.
Can you apply for the first home buyers grant in multiple states?
No! You can only apply for the first home buyers grant once, and land title records in several states show whether or not you have owned property previously.
Can a first-home buyer grant be used as a deposit?
If you are receiving a $10,000 first home buyers grant in Melbourne, you can use it as a deposit. The amount of first home buyer grant may vary in different states or territories.
Can you get the first home buyers grant if you are purchasing an investment property?
No! The first home owners grant is only accessible to eligible first-home buyers. Conditions and rules may vary from state to state, but usually, you must move into the property within 12 months of purchase, and you have to live in the house for between 6 to 12 months.
If my spouse and I both qualify for the first home buyer grant, can we get it twice?
No. When you apply for the first home owners grant, only one person in the application qualifies for the grant. You must also ensure that your spouse hasn’t received or used the grant in Australia, as it may be rejected.
How much is the first home buyers grant?
Each state or territory follows different rules and pays different grant amounts. The grant amount may vary in each state starting from $10,000.
Conclusion
The blog outlines common questions asked by many first-home buyers regarding first-home buyers grants, along with their answers. However, if you still have any queries about how first-home buyer grants and first-home buyer home loans can help you buy your first home, you can speak to mortgage brokers at Star Homeloans.
