Government Incentives for First Home Buyers in Victoria

conveyancing-fhog-government-grants-first-home-buyers

Right now in Victoria there are new incentives being offered for First Home Buyers to get into the property market or to simply help them get into their very own home and out of the rent trap.

These grants and schemes present a great opportunity to secure bonuses, start with lower than normal deposits and pay the lowest interest rates in decades. Also builders and land developers are offering bonuses on top of the government first home buyer incentives.

On the table are a range of packages. Each with different criteria. Let us detail a couple of things to help you understand how you can save on buying your first home in Victoria.

VICTORIAN GOVERNMENT SUPPORT FOR FIRST HOME BUYERS

First Home Owner Grant : $10,000 is available to eligible applicants buying or building a new home valued at up to $750,000 in metropolitan Melbourne. In regional Victoria, $20,000 is available.

Stamp Duty Concessions : First home buyers purchasing a new or established home valued below $600,000 will be exempt from stamp duty. For buyers of property over this price, concessional stamp duty applies.

FEDERAL SUPPORT TO FIRST HOME BUYERS

First Home Loan Deposit Scheme : Under this Scheme, eligible first home buyers can purchase a home of their own with a deposit as little as 5% (lenders criteria also apply).

First Home Super Saver Scheme : This scheme allows you to save money for your first home inside your super fund. If you can top up your super with up to an additional $15,000 you then use this money to be part of your deposit for your home.

HomeBuilder Grant : Eligible owner-occupiers (including first home buyers) can apply for a grant of $25,000 to build a new home or substantially renovate an existing home where the contract is signed between 4 June 2020 and 31 December 2020.

Call us today and we can work with you on how to accelerate your first home buying journey.

Irvine Lawyers are your best choice for property law and conveyancing. If you need a trusted and reliable conveyancer talk to one of our property specialists in Warrnambool or our conveyancers in South Morang to get started.

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn