FIrst Home Buyers
From July 1, 2013, the First Home Owner Grant (FHOG) has been increased from $7,000 to $10,000 for newly constructed homes, and abolished altogether for the established home market. This scheme has been established to encourage and assist home ownership and to offset the effect of the GST on home ownership.
Eligible first home buyers building or purchasing a newly constructed home will receive $10,000, along with a 40 per cent reduction in stamp duty. The cut means first home buyers could be eligible to save up to $16,500 on a new property valued at $400,000.
Which homes qualify?
To qualify for the FHOG, the home must be used as a primary place of residence and includes:
Townhouses or apartments located anywhere in Victoria
The FHOG is on-going, with no end date yet specified and is subject to eligibility requirements – see www.sro.vic.gov.au for full information and criteria.