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Becoming a first home buyer is an exciting experience, and you probably have a stack of questions about buying your first new home, from the floor plans to finance and the First Home Owner Grant (FHOG). To help you through the process we’ve put together a helpful guide.
First Home Owner Grant (FHOG) Information
If you’re a first-time home buyer, the VIC Government’s First Home Owner (FHOGS) Scheme Grant makes it much more affordable for you to buy your dream home. However, applying for the First Home Owner Grant can be a complicated process. But we’re here to help guide you every step of the way and answer all your questions.
The State Government of Victoria offers grant to first home buyers. Victorians buying or building their first home, up to a value of $750,000, may be eligible for a $10,000 grant in metropolitan areas and a $20,000 grant in regional zones. In addition, there is a one-off first home buyer duty exception or concession.
You can check your eligibility on the State revenue website and complete the checklist questions. Our sale consultants will be happy to guide you through the whole process including working out your budget, navigating the grant and finance process and most importantly becoming a home owner.
For more information visit: https://www.sro.vic.gov.au/first-home-owner#fhog
The New Home Builder Program Scheme
There’s also the Australian Government’s HomeBuilder Scheme. The Australian Federal Government is giving new home buyers a significant increase with the announcement of the $25k HomeBuilder grant. This was announced in an attempt to combat the decline in the construction industry, due to the COVID-19 pandemic. This offers $25,000 grant to eligible people planning on either building a new home or undertaking significant renovations to an existing home.
This new grant will see qualified home buyers paid $25k on top of any state-based schemes they qualify for. However, the HomeBuilder grant is only available until the end of 2020, though an excellent opportunity for buyers to save tens of thousands of dollars.
For more information visit: https://treasury.gov.au/coronavirus/homebuilder
Clients are advised to check their availability and application criteria with relevant govt agencies. Rex Homes does not take any responsibility for grant applications.