The FHOG in Victoria: All You Need to Know
Buying your first property in 2022 is a significant accomplishment! It’s not only a large financial investment, but it can also be quite complicated due to all the terminology and many incentives involved. So it’s wonderful to know that the Victorian State Government is prepared to support you financially. The Victorian First Home Owner Grant will let you acquire your first home quicker, and you may also be qualified for significant stamp duty discounts!
How Much is the First Home Owner Grant in Victoria?
The First Home Owner Grant (FHOG) is a one-time payment designed to promote and assist first-time house owners in purchasing or constructing a new residential property for use as their primary dwelling. First-time home buyers who purchase a new house for up to $750,000 may be eligible for a $10,000 subsidy. Furthermore, individuals who want to live near nature in Regional Victoria will be rewarded with an extra $10,000, bringing the deposit to a hefty $20,000.
Who’s Eligible for the First Home Owner Grant?
To begin, you must be a first-time home buyer. You must also be over 18, an Australian citizen or permanent resident, and not have previously owned or claimed an FHOG in another state. Furthermore, the Victorian State Revenue Office states that if you or your spouse/partner has already received the new homeowner’s grant, you are not eligible to apply again.
Why You Should Use a Mortgage Broker for Help With FHOG
There are several approaches you could take when purchasing your first property. Using the services of an experienced mortgage broker can foster a better experience. A mortgage broker is aware of state governments’ most recent stamp duty modifications. You might save money by informing them if a grant is coming to an end or will be starting shortly. On the other hand, a mortgage broker can inform you if you are or are not eligible for a loan today and in the future.
Are First Home Buyers in Vic Exempt from Stamp Duty?
As a first-time home buyer in Victoria, you may be eligible for more than just the FHOG. If you match the qualifying requirements, you can apply for a duty exemption, concession, or reduction for first-time home buyers. If your first property is worth up to $600,000, you’ll pay no stamp duty, possibly saving up to $31,000. If you pay between $600,001 and $750,000, you may still be eligible for a concessional (discounted) duty rate.
The real kicker is that these stamp duty discounts are available to first-time house buyers in Victoria, regardless of whether they purchase an existing or established property rather than a newly constructed home.The home-buying process can be intimidating for first-time buyers. Trying to keep track of everything and understand every aspect may be exhausting. This does not imply that you must handle everything by yourself. Wheatley Finance’s professional mortgage brokers can help you move into your ideal house much sooner. Our experts will analyse your eligibility for FHOG and apply on your behalf, together with any supporting documentation, saving you time and ensuring you receive the cash on time. Contact us today to schedule an appointment!