The Victorian state government offers a grant of $10,000 to buyers of a new home valued at up to $750,000. To qualify, you must:-
- Be the first owner(s) of this property.
- Be at least 18 years of age.
- Be an Australian citizen or permanent resident.
- Intend to live in the property for at least the next 12 months.
You are not eligible if you have previously received the first home owner grant anywhere in Australia, owned a property (or a share in a property) prior to 1 July 2000 or lived for at least 6 months in a property that you owned or part-owned after 1 July 2000.
Established properties are not eligible for the first home owner grant (FHOG) but, if valued at less than $600,000 may be eligible for the first home owner stamp duty concession. This concession halves the stamp duty payable.
An application for the FHOG can be processed by most banks and other lenders.