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  • Writer's pictureCatherine Micallef

Navigating the First Home Owner Grant: A Comprehensive Guide for Property Buyers in Victoria

Buying your first home is a monumental milestone, and for those in Victoria, the journey is made a little easier with the availability of the First Home Owner Grant (FHOG). The FHOG is a government initiative designed to assist first-time homebuyers in entering the property market.

Understanding the First Home Owner Grant (FHOG):

The FHOG is a financial incentive provided by the Victorian government to support first-time homebuyers in achieving their dream of homeownership. The grant aims to alleviate the financial burden associated with purchasing a property, making it more accessible for eligible individuals or couples.

Eligibility Criteria:

To qualify for the FHOG in Victoria, you must meet certain criteria:

  1. Residency: Applicants must be Australian citizens or permanent residents.

  2. Property Type: The grant is applicable for newly constructed homes or off-the-plan properties.

  3. Property Value: There is a cap on the property value, currently $750,000 or less, to be eligible for the grant. This value may vary, so it is essential to check the current threshold.

  4. Occupancy: The property must serve as the applicant's principal place of residence within 12 months of settlement, or completion of construction.

  5. Never Owned Before: Applicants should not have previously owned a residential property in Australia, either individually or with someone else.

Application Process:

Once you've determined your eligibility, the next step is to apply for the FHOG.

  1. Check Eligibility: Before applying, carefully review the eligibility criteria to ensure you meet all requirements.

  2. Gather Documentation: Collect the necessary documents, including proof of identity, citizenship or residency status, and a signed contract of sale for the property.

  3. Submit Application: Lodge your application with the State Revenue Office (SRO) of Victoria. This can typically be done online, and it is crucial to provide accurate information to expedite the process.

  4. Await Approval: The SRO will review your application and notify you of the outcome. If approved, the grant will be paid directly to your nominated bank account after settlement.

Benefits of the First Home Owner Grant:

The FHOG comes with several benefits for first-time homebuyers:

  • Financial Support: The grant provides a significant financial boost, assisting with the initial costs of purchasing a property.

  • Property Accessibility: With the FHOG, eligible buyers can consider a broader range of properties, making homeownership more achievable.

  • Boost to the Housing Market: The grant contributes to the growth of the real estate market by encouraging first-time buyers to enter the property market.

Grant Amount:

As of 31 January 2024, the FHOG in Victoria offers eligible applicants a one-time payment of $10,000. It's crucial to check for any updates or changes to this amount, as government policies may be subject to adjustments.

The FHOG in Victoria is a valuable initiative that eases the financial strain on those taking their first steps into homeownership. As well as the FHOG, you may also be eligible for stamp duty exemptions, concessions, or reductions. This is separate from the FHOG and depends on individual circumstances.

Our team are available to answer questions you may have about the FHOG and any other eligible grants based on your personal circumstances. Please contact our office on (03) 9311 8911 to speak to a member of our property team.

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