Suburb Profiles: Living In posted by

Victorian First Home Owners Grant – Facts

The upcoming new financial year (2013-14) brings with it some welcome news for first home buyers in Victoria. Effective July 1 this year, the ongoing First Home Owner Grant (FHOG) will be increased from $7000 to $10,000 for “eligible” buyers of new homes (metropolitan & regional) in the state.A stipulation, to qualify for the grant, will be the “price of the property or construction of the home must not exceed $750,000”.

The home also must be used as a “place of residence” – including houses, flats, units, townhouses or apartments, and moveable homes relocated onto the applicant’s land.
FHOG applicants must hold or will hold a “relevant interest” (i.e. registered on title or purchaser under a terms contract) in the land on which the home is being built.

FHOG (July 1, 2013 onwards)

Established homes, no grant available
Newly constructed  homes in metropolitan Victoria is $10,000
Newly constructed   homes in regional Victoria is $10,000

NB. To qualify for the grant, the price of the property or construction of the home must not exceed $750,000.

FHOG (July 1, 2012 – June 30, 2013)

Established homes  $7000
Newly constructed homes in metropolitan Victoria $7000
Newly constructed homes in regional Victoria  $7000

NB. To qualify for the grant, the price of the property or construction of the home must not exceed $750,000.

Please note the FHOG status quo until June 30 this year is: $7000 for “eligible” buyers of established homes; $7000 for newly constructed homes in metropolitan Victoria; and $7000 for newly constructed homes in regional Victoria.

The State Revenue Office (Victoria) has an iPhone application for first home buyers, which provides important information on eligibility

NB. The FHOG was introduced on July 1, 2000 to encourage and assist home ownership and to offset the effect of the GST on home ownership.
The State Revenue Office (Victoria) administers the state grant along with a number of banks and lending institutions that are approved agents.

It is also a national scheme funded by the states and territories and administered under their own legislation.

Click here to search for New House and Land Packages in Victoria

 

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Browse Suburb Profiles: Living In

Featuring Top 61/70 of Suburb Profiles: Living In

Subscribe

Read more