What is the First Home Owner Grant?
First home buyers across Australia can benefit from offers and grants to support the purchase of their first property. The First Home Owner Grant, or FHOG, is a national scheme funded by states and territories that provides funding for eligible first home buyers as they get on the property ladder.
Each state or territory has different eligibility criteria and a different amount of money you could receive.
First Home Owner Grant in Victoria
When buying or building your first new home, the First Home Owner Grant is $10,000 (from 1 July 2013).
The property can be a home, townhouse, apartment, unit or similar, and must be valued at $750,000 or less. It has to be the first sale of the property as a residential premises – in other words, a new home – and can’t be an investment property or holiday home.
If you are buying or building a home in regional Victoria and it is valued up to $750,000, the grant is $20,000 (applicable to contracts signed from 1 July 2017 to 30 June 2020).
Eligibility criteria for the First Home Owner Grant
To be eligible for the First Home Owner Grant, at least one applicant must:
- be an Australian citizen or permanent resident
- be aged 18 or over
- intend to live in the home as their principal place of residence for at least 12 continuous months.
There are also rules about your history of home ownership. You are entitled to the First Home Owner Grant if:
- you have not received a first home owner grant in Australia
- you have not owned a home or other residential property in Australia (before 1 July 2000)
- you have not occupied a home, for a period of at least six months, which you owned or part-owned (after 1 July 2000).
For more information on eligibility for the First Home Owner Grant in Victoria, check the State Revenue Office Victoria website.
Other benefits for first home buyers in Victoria
In addition to the First Home Owner Grant, you could be eligible for exemptions and concessions on your stamp duty. Stamp duty is a tax you need to pay to the state government when you buy a property. The total cost depends on the purchase price of your property, but it can be a significant cost.
In Victoria, eligible first home buyers could be exempt from paying stamp duty on property under $600,000. If your new property is worth between $600,000–$750,000, you could be eligible for discounted stamp duty.
Get professional home buying advice
You can get advice and support on buying your first property, including the First Home Owner Grant, mortgage funding, and stamp duty, with Reventon. Our leadership has over 125 years of collective experience in property, so we can guide you through the whole purchase process to take the first step on your home ownership journey.