Help for first home buyers

What incentives do Victorians have?

Buying your first home is a huge financial decision, its stressful yet exciting and with all of these government incentives being thrown around, it can become a little overwhelming. Here is some helpful information regarding the Grants available to First Home Buyers.

 

As a first home buyer, you may be eligible for a number of funding schemes to help you get into your home sooner.

 

The First Home Loan Deposit Scheme is an Australian Government initiative designed to help first home buyers have a chance at getting their foot into the property market door and get that little bit closer to owning their dream home.

The scheme enables eligible first home buyers to purchase a home with a minimum 5% deposit as opposed to 20%. One of the biggest obstacles for first home buyers is saving that lump sum for a deposit, this scheme will save you time and get you there sooner.

So how do you know if you are eligible?

-Be an Australian Citizen

-Couples must be married or in a defacto relationship ( you can not apply with a parent, sibling or friend)

-Individual applicants must have earned less than $125,000 in the last financial year and $200,000 for couples.

-Must live in the house for at least 6 months after purchase

-Need to be over 18

-Have never previously owned a home in Australia

Along side the 5% deposit scheme, Victoria also offers a grant of up to $20,000 for first home buyers building or buying a new home in Regional Victoria or up to $10,000 for homes in Metropolitan Melbourne.

The maximum purchase price of a new home is $750,000 and the home must be less than five years old, it can be a house, town house, unit, apartment or block of land. It cannot be a holiday house or investment property.

Stamp duty is also waved for first home buyers in Victoria for houses up to $600,000 and heavily reduced for homes over the $600,000 mark. That alone is a large saving in itself.

The Australian Government has also extended the HomeBuilders Grant of $15k until the end of March.

These grants are a game changer for young Victorians, with up thousands  in incentives, opportunities such as these don’t come around often. What an excellent time to build a new home in Australia.

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