Homebuyers

First Home Owners Grant – get the facts

On 4 June 2020, the Australian Government announced HomeBuilder to provide eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home, substantially renovate an existing home or buy an off-the-plan home/new home where the contract is signed between 4 June 2020 and 31 December 2020 (inclusive) and construction commences within three months of the contract date.

Before you buy your first home, here are some essential facts you need to know.

1. YOU CAN RECEIVE UP TO $20,000 WITH THE FHOG

If you are buying or building a new home valued up to $750,000, you may be eligible for a First Home Owner Grant (FHOG). If you are eligible for the FHOG and the home you are buying is in regional Victoria, you will receive $20,000. If the home is not in regional Victoria, the grant is $10,000. The home must be less than five years old to be eligible for the FHOG.

2. YOU PAY STAMP DUTY ON YOUR PURCHASE

When you buy your home, you will most likely pay land transfer duty (otherwise known as stamp duty). How much you pay depends on your property’s value, what you’re using it for, if you are a foreign purchaser, and whether you are eligible for any exemptions or concessions.

3. THERE ARE EXEMPTIONS AND CONCESSIONS

You may be eligible for, and receive, more than one exemption, concession or reduction from stamp duty for your property. In Victoria, these include:

The first home buyers grant (FHOG) is available to first home buyers.

Please refer to our comprehensive comparison table to understand the differences between our most common grants and concessions/benefits when buying your first home. Additionally, as the ongoing owner of a property in Victoria, you may also have to pay various annual taxes and levies, such as the 1.5 per cent absentee owner surcharge.

SEE IF YOU QUALIFY