The First Home Owner’s Grant explained
The First Home Owner Grant is a wonderful opportunity to help you get into your first home. However, there are simple rules and guidelines you should know about the grant before you apply in order to maximise your benefits.
The First Home Owner Grant is a State Government scheme to help first home buyers purchase a home. The grant is a one-off payment and the value differs in each state and territory.
There have been a number of changes to the First Home Owner’s Grants in several states in 2017. In Victoria, this means:
- The current First Home Owner Grant is worth $10,000 for anyone who builds or purchases a new home valued up to $750,000
- Anyone building or purchasing a home in a regional area will receive $20,000 for homes valued up to $750,000
The Victorian Government defines a new home as one that is newly built, is an existing property being sold for the first time, a land and building package, or vacant land on which you will build a home.
In order to qualify for the First Home Owner’s Grant you must qualify several criteria. For instance, you cannot receive the grant if:
- You have already received it
- You owned a residential property jointly or separately before 1 July 2000
- You lived in a home which you owned or partly owned on or after 1 July 2000 for a continuous period of more than six months
Additionally, First Home Owner’s Grant applications must be at least 18 years old at settlement or completion of construction and at least applicant must be an Australian citizen or permanent resident.
You must also plan to live in the property as your primary place of residence for at least 12 months.
Just like applying for a loan, there is a strict application process to apply for the grant. First Home Buyers in Victoria can find out more about the First Home Owner Grant on the State Revenue Office Victoria website.