VICTORIA: GUIDE TO FIRST HOME OWNER ASSISTANCE

LEARN ABOUT THE ASSISTANCE

The Victoria First Home Owners’ Grant (VIC FHOG) is a Victorian State Government initiative to help first home owners to get their ‘new’ first home sooner. It is an amount of money paid by the Victoria Government to eligible first home owners.

Learn more about the VIC FHOG as well as other Victorian Government assistance for first home buyers below.

$10,000 for eligible first home owners who purchase a new home valued up to $750,000.

A $20,000 grant will be paid to eligible ‘Regional’ first home buyers for contracts signed after July 1 2017 until June 30 2020 for new houses, units or apartments valued up to $750,000.

Important Tip: Grants and Concessions tend to change at short notice, therefore please double check with your State government what is available in your area before buying your first home!

You are not eligible for the FHOG if you or any joint applicant have already:

  • Received a first-home owner grant in Australia;
  • Owned a home in Australia prior to 1 July 2000; or,
  • Occupied, for a continuous period of at least six months, a home in which either of you acquired an interest in.

Furthermore, to receive the FHOG at least one applicant must:

  • Intend to live in the home as their principal place of residence (PPR) for at least 12 continuous months, commencing within 12 months of settlement/construction completing;
  • Be aged 18 or over (discretionary);
  • Be an Australian citizen or permanent resident.

It must be a ‘new’ home (or substantially renovated home) and the market sale value must be valued at under the $750,000 cap.

For the full eligibility criteria please visit: http://www.sro.vic.gov.au/firsthomeowner

Your new home can be a either a off the plan or brand new house, townhouse, apartment, unit or similar, but it must be valued at $750,000 or less and be first sale of the property as a residential premises. See ‘where can I find FHOG eligible homes’ for more details.

As a first home buyer in Victoria, you may be eligible for – and receive – more than one exemption, concession or reduction from stamp duty for your first home. These include:

  • First-home buyer duty reduction – a one-off duty reduction for a PPR valued up to $600,000. This is available when you are buying a new or established dwelling. From 1 July 2017, eligible first home buyers will no longer pay any Stamp Duty for any property purchased below $600,000. This exemption will apply to first home buyers purchasing Established Homes as well as those purchasing New homes and will apply for all residential property types, including houses, townhouses and apartments. The reduction will continue to apply, however only for purchases between $600,000 and $750,000 – for both established and new dwellings.
  • Off-the-plan concession – a duty concession for an off-the-plan property, this allows you to only pay stamp duty on the improved value of land (not the cost of building the home)
  • Principal place of residence (PPR) concession – a duty concession for when a property you buy, valued up to $550,000, is intended as your primary home (PPR)
  • First-home owner with family exemption/concession – a one-off duty exemption or concession for properties valued at $200,000 or less
  • Young farmer’s exemption/concession – a one-off duty exemption/concession for young farmers buying their first farmland property

If you have any questions in regard to these Government assistance schemes please contact your FHBA Mortgage Broker (or complete the Talk To An Expert form at the bottom of this page)

Applying for the FHOG and / or various duty concessions can be a little tricky. While you can check eligibility and apply online by yourself, we recommend you apply through the assistance of one of our FHBA Mortgage Brokers.

Our FHBA Mortgage Brokers are not only experts at finance matters such as home loans and the FHOG, but they are also experienced in helping first home buyers everyday. Our service is free of charge (should you proceed with a home loan option through us). We can check your eligibility, apply on your behalf and be with you every step, providing you with peace of mind that you haven’t missed a thing.

  • To learn more about our FHBA Mortgage Broking service and have one of our experts assist you with your application, please visit our FHBA Mortgages home page.
  • To apply online by yourself visit the VIC Government website and follow their instructions carefully.

You can find a great range of FHOG eligible home at FHBA New Homes. Did you know that FHBA New Homes gives you access to the most FHOG eligible homes under one roof?

FHBA New Homes works a bit like a Mortgage Broker (but rather then help you find a home loan, our New Home experts help you find a ‘new’ home). Your New Homes Expert can explore different properties from different developers to help you find a suitable home for your Great Australian Dream.

Like our Mortgage Broking service, FHBA New Homes is a free of charge service, as we are paid a referral fee from the property developer you choose to proceed with (if you do decide to proceed). This means we won’t be paid until you have decided on a home you like.

If you haven’t been introduced to FHBA New Homes Expert yet send us an email (enquiries@fhba.com.au) or complete the enquiry form and we will be sure to have your local New Homes Expert call you ASAP.

If you are thinking of purchasing an established (existing) home then:

  • Currently, you will not be eligible for the VIC FHOG, as one of the requirements is that it must be a ‘new‘ home
  • From 1 July 2017, eligible first home buyers will no longer pay any Stamp Duty for any property purchased below $600,000. This exemption will apply to first home buyers purchasing Established Homes and will apply to all residential property types, including houses, townhouses and apartments. The reduction will continue to apply, however only for purchases between $600,000 and $750,000 – for both established and new dwellings.

If you would like assistance with purchasing an established home we recommend you book in a free consultation with an FHBA Service CommunityBuyers Agent.

CHECK ELIGIBILITY FOR GOVERNMENT INCENTIVES

FHBA’s new & innovative Eligibly Estimator allows you to self-estimate how your savings are tracking and whether you have enough saved to qualify for a home loan. Upon completion, we will instantly send you a complimentary Australian Property Monitors Postcode Report (Valued at $39.95)

Check how your tracking in 60 seconds!

Disclaimer: The FHBA Eligibility Estimator is intended as an approximate guide only. It uses a mixture of the data you input, median property prices from APM PriceFinder and estimated purchasing costs. You should not rely on the results of the Eligibility Estimator. Please contact an FHBA Coach who can arrange a more comprehensive estimate and advice based on your personal circumstances from a licensed professional.

We Need A Few Of Your Details

To see if your current savings are enough to buy in your selected suburb and to send you a complimentary FHBA Australian Property Monitors (APM) comprehensive postcode report for your selected suburb

Deposit Guide

  • 5%

    Deposit Amount:

    Lenders Mortgage Insurance:
    (Indicative Only)

    Stamp Duty:
    (Indicative Only)

    Mortgage Reg. Fee:

    Transfer Fee:

    Other Costs: $ 3,000

    Total Deposit + Costs Required:

    Surplus / (Deficit):

    Your Current Savings:

    First Home Owner Grant:

  • 10%

    Deposit Amount:

    Lenders Mortgage Insurance:
    (Indicative Only)

    Stamp Duty:
    (Indicative Only)

    Mortgage Reg. Fee:

    Transfer Fee:

    Other Costs: $ 3,000

    Total Deposit + Costs Required:

    Surplus / (Deficit):

    Your Current Savings:

    First Home Owner Grant:

  • 20%

    Deposit Amount:

    Lenders Mortgage Insurance:
    (Indicative Only)
    Nil

    Stamp Duty:
    (Indicative Only)

    Mortgage Reg. Fee:

    Transfer Fee:

    Other Costs: $ 3,000

    Total Deposit + Costs Required:

    Surplus / (Deficit):

    Your Current Savings:

    First Home Owner Grant:

5%

10%

20%

Deposit Amount

Lenders Mortgage Insurance
(Indicative Only)

NIL

Stamp Duty
(Indicative Only)

Mortgage Reg. Fee

Transfer Fee

Other Costs

$ 3,000

$ 3,000

$ 3,000

Total Deposit + Costs Required

Surplus / (Deficit)

Your Current Savings

First Home Owner Grant

Fill in the form below to get your complimentary personalised deposit guide & your Suburb's Data report emailed to you within 48 hours!

TALK TO AN EXPERT

At FHBA we are passionate about helping aspiring first home buyers purchasing their first home.

Complete the form below for an obligation free call back from one of our experts.

We can help you with your first home search, home loan needs, Grant applications and/or any questions you may have.

Disclaimer: The information above is general in nature and should not be solely relied on. The source of this information was the VIC SRO website. This factual information was true at the time of writing (18 July 2016). FHBA recommends you speak with a licensed professional about your circumstances so you can find out if you are eligible for any Government assistance. FHBA does not recommend that you buy a new property simply so you can receive Government assistance. For more information on using our website please read our full Terms & Conditions policy.