Somerville Office
Phone 03 5977 5111
6D Eramosa Road East, Somerville, Victoria (See Map)
chris@walshconveyancing.com.au
First Home Buyer? What grants can you receive from the Victorian Government.
First Home Owner Grant Victoria
A $10,000 First Home Owner Grant (FHOG) is available when you buy or build your first new home. Your first new home can be a house, townhouse, apartment, unit or similar. A new home can be a home that has been substantially renovated, or a home built to replace demolished premises. It is not an investment property or a holiday house.
The contract price for the home, must be $750,000 or less. For an off-the-plan purchase it is the contract price not the dutiable value that must be $750,000 or less. When you sign a contract to build a home it is the contract to build price that must be $750,000 or less.
A new home has not been sold previously as a place of residence or, occupied as a home including short-term accommodation, such as Airbnb. This means the first sale of a property will not be a new home if the person who built it lived in it, or leased it out or used it for short-term accommodation.
What you need to know first and checking eligibility
Visit: https://www.sro.vic.gov.au/first-home-owner/applying-first-home-owner-grant
Apply for a first home buyer duty exemption, concession or reduction (including the 50% duty waiver)
When you buy your first home and the contract date is on or after 1 July 2017, you may be eligible for a duty exemption or concession.
The duty exemption is available to first home buyers when they purchase a new or established property in Victoria with a dutiable value up to $600,000. The duty concession applies where the dutiable value is more than $600,000 but not more than $750,000. Vacant land can also attract the exemption or concession if you are buying it to build your home.
What you need to know first and checking eligibility
Visit: https://www.sro.vic.gov.au/first-home-owner/apply-first-home-buyer-duty-reduction