The 1st Home Buyers Grant is a government initiative designed to help Australians take their first steps into homeownership. It’s a financial boost for first-time buyers, aimed at easing the burden of buying a home. If you’re looking to buy your first property, this grant could be the key to making it happen sooner than you think.
How Much Is the 1st Home Buyers Grant in Victoria?
In Victoria, eligible first-home buyers can receive up to $10,000 if they buy a new home valued at $750,000 or less. If you're purchasing in regional Victoria, the grant jumps to $20,000 for homes meeting the same criteria.
Keep in mind, this grant is for brand-new homes, which means established homes aren’t covered. However, the savings can be substantial for buyers interested in newly built homes or off-the-plan purchases.
Am I Eligible for the 1st Home Buyers Grant?
Eligibility depends on a few key factors:
You must be buying your first home.
The property should be brand-new.
You, and your partner if applicable, cannot have owned property before.
The home’s value must fall within the set limits.
You’ll also need to live in the property for at least 12 months after purchase.
Other Benefits for First-Time Buyers
Alongside the 1st Home Buyers Grant, Victoria offers more incentives for first-time buyers:
Stamp Duty Discounts: First-time buyers may qualify for discounts or even exemptions on stamp duty, depending on the property price.
First Home Loan Deposit Scheme: You can buy a home with as little as a 5% deposit, thanks to this federal initiative, avoiding costly lenders' mortgage insurance.
Conclusion
The 1st Home Buyers Grant is a great opportunity for Aussies looking to break into the property market. With the added incentives in Victoria, your dream of owning a home could be closer than you think. For more details, visit FHBA or call 1800 342 287.