First Home Buyers Grant in Melbourne: All You Need to Know

The first home owner grant in Australia was introduced in 1 July 2000, which is considered one of the most sought grants to help first home buyers. In today’s blog, we’ll discuss the first home buyers grant in Melbourne along with its eligibility criteria. Through this scheme, you will come to know how much amount you can access, but the amount will vary according to different states’ and territories’ rules and eligibility. Various changes have been made to the FHOG over the years. The value of FHOG can be between $10,000 and $15,000 in most cases. To know more about this scheme and how you can access it, keep reading this blog:

Access First Home Buyers Grant Melbourne as a First Home Buyer

The Federal Government introduced the FHOG grant on 1 July 2000. The grant is a one-off payment for the first home buyers to help them buy their first home. The first home owner grant is beneficial for first-time home buyers because this scheme gives them extra money to help them invest in their first home. However, whether you get this grant or not will depend on the eligibility criteria of the grant for first home buyers. Being a first home buyer in Melbourne, you should know the rules for accessing this grant, and if you don’t know about this grant, then you can also ask Star Homeloans. Saving money for your home can be a daunting and difficult process. This is where first home buyers can access the FHOG grant to make the process of buying a first home easy. If you are buying your first home, then you may be eligible for this scheme to make your dream of buying a house come true. Depending on the location where you want to buy a new house, you may receive different concessions and grants that may vary on your requirements.

Eligibility Criteria for FHOG in Melbourne

Take a look at the following section to know the rules to access the first home owner grant in Melbourne:
  • All candidates who are likely to apply for the grant must be 18 years old or above.
  • You must be an Australian citizen or permanent resident (this condition may vary by territory or state).
  • If you or your partner bought the house after or on 1 July 2000 but haven’t lived there.
  • Melbourne first home buyers must live in the home for at least 6-12 months.
  • You and your spouse haven’t received grants for purchasing a home in any state or territory of Australia.

Who Can’t Access the First Home Owner Grant?

You will not be entitled to access the FHOG scheme if:
  • If you have already received a FHOG in another state or territory, then you won’t be able to access this grant.
  • You owned a home before 1 July 2000.
  • You’ve lived in a home you owned from 1 July 2000.
As a first home buyer in Melbourne, you need to know different types of first home buyer loans. When choosing the right loan, you need to ask a broker because finance brokers can better help you decide what type of loan would best match your requirements.

How do You Apply for FHOG?

Basically, there are two methods to apply for a first home buyer grant, either:
  • You can apply on your behalf through your state or territory authority.
  • You can seek help from a home loan provider to apply for FHOG on your behalf.
The grant will be paid to your lender during settlement and directly applied to your home loan. However, when you decide to apply for FHOG on your own, then you have to consider various things. Even if you skip one single thing, then it can lead to application rejection. Therefore, as a Melbourne first home buyer, it is recommended to seek help from professional brokers like Star Homeloans.
If you are a first home buyer and looking to buy a first home in Melbourne, then you must know about the FHOG scheme. Before you apply for the FHOG scheme, you need to meet its eligibility criteria as mentioned above. Also, the above-mentioned eligibility rules are only for those who are looking to purchase a new house in Melbourne because each state or territory has different eligibility criteria. For more information, you can contact Home Star Home loans. Other  Useful Links:-
  1. First home buyer Sydney
  2. Refinance home loan broker Sydney

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