If you’re a first home buyer, now is a great time to buy a house or apartment in Melbourne and around Victoria. You may be eligible to receive the First Home Owner Grant of up to $20,000 as well as additional stamp duty concessions to help make your purchase.
Of course, there are conditions you must meet before you can apply for
a grant, so do your research first.
Here’s what you need to know.
Are you considered a first home owner?
You are a first home owner if:
- Neither you, nor your partner (if you have one), have received a First Home Owner Grant anywhere in Australia
- You have never owned, or part-owned, a home in Australia before 1 July 2000
- For property owned after 1 July 2000, if you owned a home, but did not live in it for six months or more, you may still be eligible.
Are you going to live in the property?
To be eligible for the First Home Owner Grant, there are requirements for
living in the property:
- Your new home must be purchased for you to live in
- It must be your principal residence for at least 12 months
- This period must commence within 12 months of settlement or competition of construction.
What sort of property are you buying?
To be eligible for the First Home Owner Grant, you must buy one of the
following:
- A NEW home up to the value of $750,00 (it can be a house, townhouse or apartment)
- Existing property being sold for the first time as a residence (such as a house and land package or vacant land you want to build a new home on)
Be sure to check that your property is classified as a new home!
How do you find out more?
The First Home Owner Grant is administered by the State Revenue Office of Victoria, so check out their website: https://www.sro.vic.gov.au/first-home-owner
