Before applying for a loan to buy a first home, people have several questions in their mind, which is a common thing. They think that it is a complex and stressful process. However, it won’t be an overwhelming process if you seek help from a reliable and professional home loan broker. When it comes to reliability and professionalism, you should seek help fromStar Homeloans in Australia where we help clients with different financial circumstances and requirements. Despite applying for a home loan, you can have access to various government grants if you are a first home buyer. In today’s blog, we’ll talk about the first home buyer grant and highlight the eligibility criteria.
What Should You Know About First Home Buyers Grant in Melbourne?
The government introduced the first home owner grant on 1 July 2000 as a financial helping hand to help first home buyers to buy or build their own house. The best thing about the grant is that it is not taxable, and first home buyers in Melbourne don’t need to repay it. However, some conditions may apply before you access this grant. Each state and territory in Australia may have different rules to apply for a first home owners grant (FHOG).How much is the First Home Owners Grant in Melbourne Available?
Basically, if you are curious to know how much you can receive through the first home buyers grant, let us tell you that you can get $10,000. However, you have to meet some conditions before applying for FHOG in Melbourne. Despite this, based on the location where you would like to buy your first home, you may get different grants.Eligibility for First Home Owners Grant in Melbourne
You can access FHOG in Melbourne if:- You are buying your first new home that is never occupied before or sold as a place for residence.
- At least one candidate must be an Australian citizen.
- All candidates should be aged 18 years or above.
- You and your spouse haven’t received first home buyers grant in Melbourne or any territory or state in Australia.
- You may qualify for FHOG if you or your partner purchased the property on or after July 1, 2000, but haven’t lived there.
Can You Get a First Home Buyer Grant on Existing Homes?
Now, the question arises, whether you can get an FHOG on existing homes or not. Well, established properties are not eligible for the FHOG. However, you may qualify for stamp duty exemptions or concessions, but you need to meet eligibility criteria.Should You Seek Help from Home Loan Broker?
Melbourne first home buyers can have various benefits from government grants to low house deposits to buy their first home. If you are a first home buyer, it is advisable to seek help from a home loan broker. Brokers are experts in helping you choose the right home loan product. They ask you the right questions to understand your financial situation. Additionally, they also give you suggestions you need to get an appropriate loan and help you apply for a first home owner grant. Moreover, you can get help fromHome Star Home loans as we’ll help you to:- Determine your borrowing capacity
- Find a loan that would match your financial circumstances – potentially help you save thousands over the lifespan of the loan
- Prepare documents for your chosen lender
- Understand the fees and costs attached to purchasing your first home – like stamp duty, insurance and legal fees
- Check whether you are eligible to access the first home owner grant or not
