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First Home Buyers

First Home Buyers

If you are a first home buyer, the government has a deal for you! Unfortunately the rest of us miss out, but that’s ok – its good to see someone benefiting from our taxes!

Who qualifies as a First Home Buyer? Simply a person or couple (Australian citizen or permanent resident) who are buying or building their first new home.

The home can be a house, townhouse, apartment, unit or similar, but it must be valued at $750,000 or less and be the first sale of the property as a residential premise. It cannot be a holiday house or investment property. 

The First Home Owners Grant from July 1, 2017 is $10,000 and $20,000 for homes built in Regional Victoria.

This grant was designed to promote the building of new homes, and keep the building industry and all the related businesses strong. It can be applied for through your broker, bank or personally (looking at the paperwork, it is well worth the effort). Your Custom Home Builder can point you in the right direction.

If you qualify for the First Home Owners Grant, you can also apply for 50% discount on your stamp duty (only on homes up to $600,000), saving you even more! There are other stamp duty discounts available and your broker should be able to direct you to any that suit your personal circumstances.

For those of you who think they could qualify, I would recommend that you go to the website (State Revenue Office) and check out all the finer details; re. eligibility, the evidence you need to supply and even the application form. There are links on the site to the stamp duty discounts and answers to some commonly asked questions. I found it quite useful – but I definitely don’t qualify!

Click on the Button to read another one of our Blog Posts: How To Choose A Block Of Land