If you're a first home owner in Victoria, you could be eligible for a $10,000* FHB grant plus an additional $25,000* from the newly announced HomeBuilder Scheme.
If you are buying or building a new home, you may be eligible for the FHOG ($10,000)* if you signed your contract on or after 1 July 2013.
Your new home can be a house, townhouse, apartment, unit or similar, but it must be valued at $750,000 or less and be the first sale of the property as a residential premises. You’re not eligible for the FHOG if you or your spouse/partner have already:
- Received the FHOG in Australia,
- Owned a home in Australia, either jointly or separately, prior to 1 July 2000,
- Lived in a home in Australia in which either of you owned or part-owned on or after 1 July 2000, for a continuous period of at least six months
These criteria apply even if your spouse/partner is not an applicant with you for the FHOG. Additionally:
- All FHOG applicants must be at least 18 at settlement or completion of construction (although there is discretion with this age requirement),
- You (or at least one applicant) must be an Australian citizen or permanent resident at the time of settlement or completion of the home’s construction, and
- You (or at least one applicant) must intend to live in the home as your PPR for at least 12 months, commencing within 12 months of settlement or completion of construction
New Zealanders holding a special category visa under s32 of the Migration Act 1958 and anyone holding a permanent visa under s30(1), are considered to be a permanent resident of Australia. To be eligible, NZ citizens must be in Australia at the time of settlement.
>>Learn more about the First Home Owners Grant here
$25,000* HomeBuilder Scheme
In addition to the FHOG, the newly announced HomeBuilder scheme will make it easier for eligible home buyers to get onto the property ladder. A $25,000* grant could give you the added boost to get into your dream home sooner.
Due to current restrictions, the Victorian Government has announced an extension to the HomeBuilder construction commencement requirement. This means that eligible applicants now have 6 months to start construction on their home after signing their contract. Find out more about the Victorian HomeBuilder guidelines here.
>>Learn more about the HomeBuilder Scheme here
>>View HomeBuilder eligible homes at Mt Atkinson here
*Not Stockland promotions. Eligibility and other restrictions apply. For details on HomeBuilder visit treasury.gov.au/coronavirus/homebuilder. For details on the Victorian First Homebuyer Grant visit sro.vic.gov.au/first-home-owner.