Are you considering purchasing or building your first home in Victoria? The First Home Owner Grant (FHOG) could be your ticket to receiving a $10,000 boost towards your dream property. If you're looking for financial assistance, here's what you need to know.
The FHOG offers eligible first-time buyers $10,000 when they buy or build a new home valued up to $750,000. To qualify, the property must be a new build that has never been sold or occupied before. This means you can't apply if the home has been used as a short-term rental, like Airbnb, or if it has been previously lived in.
To be eligible for the FHOG, you must meet the following requirements:
If you or your partner owned a property after 1 July 2000 but have never lived in it, you may still be eligible for the FHOG.
It's important to note that established homes do not qualify for the FHOG. However, if you meet the eligibility criteria and are buying an established home, you may be eligible for a first-home buyer duty exemption or concession, depending on the property's value.
Most of the time, your bank or credit union will lodge the FHOG application on your behalf. If they are not doing this, you can apply directly with the State Revenue Office Victoria online. Remember, your application cannot be submitted until the eligible transaction is complete.
Are you ready to take advantage of the First Home Owner Grant? For more assistance navigating the application process, contact a UNO Broker today. They can provide tailored advice to help you maximise your benefits and simplify your home-buying journey.
Source: State Revenue Office Victoria
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