If you’ve been looking to buy your first home in Victoria you might be thinking that you’re facing an uphill battle. Between finding that first home and saving for a deposit, the dream of owning your own home can seem very challenging. Luckily, while you have a range of financial and legal responsibilities to consider before buying a new home, you can get help.
The First Home Owner Grant assists eligible homebuyers with their purchase of a newly built home that’s worth $750,000 or less. If you are eligible, you will receive $10,000.
If your first home (either new or existing) has a dutiable value of $600,000 or less, you can also get a 50% reduction in your stamp duty, one of your biggest costs.
Your stamp duty will be further decreased by up to an additional $3,100, if the dutiable value of your purchase is $550,000 or less.
Firstly, you need to have signed a contract to purchase a new home on or after 1 July 2013. Secondly, you need to be eligible; the four tests below apply to both you and your partner.
Your lending Bank can assist you in applying for the First Home Owner Grant before settlement.
Glenferrie Conveyancing will prepare your application for the First Home Buyer stamp duty reduction, and can also assist you in applying for the First Home Owner Grant after settlement when your Certificate of Occupancy is issued.
There are two scenarios:
The First Home Owner Grant is just one thing that is on your side when it comes to getting into the property market. The other one is an expert conveyancer. Glenferrie Conveyancing is dedicated, flexible and committed to you, and can help make sure you don’t miss out on benefits like the First Home Owners Grant.