First-Time Home Buyers in Victoria: The Grant and More

Are you a first-time home buyer in Victoria? If so, you’re in luck! The Victorian Government has a range of grants and incentives available to help you get into your first home. In this blog post, we’ll take a look at the First Home Buyers Grant Victoria, as well as other grants and incentives available to first-time home buyers in Victoria.

What is the First Home Buyers Grant Victoria?

The First Home Buyers Grant Victoria (FHOG) is a one-off payment of up to $20,000 for eligible first-time home buyers in Victoria. The grant is available to those who are buying or building a new home, or buying an existing home. To be eligible for the grant, you must meet the following criteria:

• You must be an Australian citizen or permanent resident

• You must be 18 years of age or older

• You must be buying or building a new home, or buying an existing home

• You must be buying or building a home valued at less than $750,000

• You must be living in the home as your principal place of residence for at least 12 months

• You must not have previously owned a home in Australia

• You must not have previously received the FHOG

• You must meet the income and asset tests

If you meet all of the above criteria, you may be eligible for the FHOG. The grant is paid as a one-off payment of up to $20,000.

What other grants and incentives are available to first-time home buyers in Victoria?

In addition to the FHOG, there are a range of other grants and incentives available to first-time home buyers in Victoria. These include:

• The First Home Loan Deposit Scheme: This scheme provides eligible first-time home buyers with a guarantee from the National Housing Finance and Investment Corporation (NHFIC) to help them purchase a home with a deposit of as little as 5%.

• The First Home Owner Rate of Duty: This is a reduced rate of stamp duty for eligible first-time home buyers in Victoria. The rate of duty is calculated based on the value of the property.

• The First Home Super Saver Scheme: This scheme allows eligible first-time home buyers to withdraw up to $30,000 from their superannuation to help purchase a home.

• The HomeBuilder Grant: This is a one-off grant of up to $25,000 for eligible first-time home buyers in Victoria who are building or renovating a home.

• The Regional Home Building Boost: This is a one-off grant of up to $20,000 for eligible first-time home buyers in regional Victoria who are building or renovating a home.

• The First Home Owner Grant: This is a one-off grant of up to $10,000 for eligible first-time home buyers in Victoria who are buying or building a new home.

• The First Home Vacant Land Grant: This is a one-off grant of up to $10,000 for eligible first-time home buyers in Victoria who are buying vacant land to build a new home.

• The First Home Owner Discount: This is a discount of up to 50% on stamp duty for eligible first-time home buyers in Victoria who are buying or building a new home.

• The First Home Owner Exemption: This is an exemption from stamp duty for eligible first-time home buyers in Victoria who are buying or building a new home.

The Victorian Government has a range of grants and incentives available to help first-time home buyers in Victoria get into their first home. The most well-known of these is the First Home Buyers Grant Victoria, which is a one-off payment of up to $20,000 for eligible first-time home buyers. In addition to the FHOG, there are a range of other grants and incentives available to first-time home buyers in Victoria, including the First Home Loan Deposit Scheme, the First Home Owner Rate of Duty, the First Home Super Saver Scheme, the HomeBuilder Grant, the Regional Home Building Boost, the First Home Owner Grant, the First Home Vacant Land Grant, the First Home Owner Discount, and the First Home Owner Exemption. If you’re a first-time home buyer in Victoria, make sure to take advantage of these grants and incentives to help you get into your first home.