Owning a house in Australia can be challenging because it demands commitment and hard work. However, it doesn’t need to be a stressful experience for first home buyers in Melbourne. This is the reason why the government represented the first home owner grant Melbourne to make it easy for the first home buyers to buy their house sooner. Since its commencement in 2000, eligibility criteria for FHOG and the property type one can buy has changed.
Many of you may also have a question about whether the first home owner grant is available in Victoria or not. Well, yes, the grant is available in Victoria, so you can buy your first dream house in Victoria, and you can access this grant if you are eligible for this grant. Now, it seems easy for first home buyers to purchase their first ever house in Melbourne via a first home buyer grant from the State Government. In today’s blog, we’ll discuss the first home owner grant and who can access this grant.
What is First Home Owner Grant in Melbourne?
For first-time home buyers, it is affordable to buy a first home in Melbourne by accessing the Australian Government First Home Owners Grant (FHOG) scheme, also known as First Home Buyers Grant (FHBG). If you are purchasing or building a new home worth up to $750,000 or less, then you can get a $10,000 grant from the government. The scheme gives a welcome boost to eligible first home buyers in Melbourne. If you are a first home buyer, then don’t miss out on this opportunity.
However, being a new to first home buyer grant in Melbourne, it might be challenging for you to understand the whole criteria of this scheme. You can also take help from reliable brokers as they can help you understand the whole procedure.
<spanIs First Home Owner Grant Only for New Home?
In some states and territories, the first home buyer grant can be beneficial if you purchase or build a new home, which means a newly built property that hasn’t been lived in or sold previously as a home.
How does First Home Owner Melbourne Grant Work?
The first home owner grant was introduced in July 2000, and this scheme is supported by the states and territories to help first home buyers to help them buy a new house. The scheme is a one-off payment for those first home buyers who are eligible for this scheme. Each state and territory has its own rules related to the eligibility criteria and the amount that the grant offers to the first home buyer. The following are the eligibility criteria for the first home owner grant Melbourne, but the rules may vary according to state and territory:
- <span”>Candidate must be an Australian citizen or permanent resident
- Age must be at least 18 years or above
- You must be an individual entity buying the home, not a company or trust
- You must apply for the scheme within 12 months once your property settlement has been done
- You have to live in the house for at least 12 months
- You will be eligible for the grant if you or your partner bought the house after or on 1 July 2000 but haven’t lived there
- You are purchasing a new home that has never been sold as a residential house or occupied before
You are not eligible to apply for the scheme if:
- You have already received a first home owner grant in other states
- <span”>You owned a residential property or home before 1 July 2000
- You’ve lived in owned residential property from 1 July 2000
The first home owner Melbourne grant is paid to the home lender when the settlement is done and applied to a home loan. Moreover, some states and territories have different eligibility criteria and discounts for first home buyers.
Conclusion
The blog has shared essential details regarding the first home buyer grant in Melbourne along with eligibility criteria. You can own your new house in Melbourne affordably by accessing this grant. You can also contact Home Star Home loans for further information regarding different government grants and concessions. These schemes are not only restricted to the first home buyers but there are several grants that are for single parents and couples as well.
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