Do You Qualify For The First Home Owners Grant (FHOG)?
The $10,000 First Home Owners Grant (FHOG) is available to eligible purchasers when they buy or build their first new home. The grant is boosted to $20,000 for eligible first home owners buying in regional Victoria.
There are essentially two steps to obtaining the First Home Owners Grant, the property you are purchasing must be eligible and you personally must be eligible to receive the grant.
How do I know if the property I am looking to purchase is eligible?
- To be eligible for the First Home Owners Grant your first home can be a house, townhouse or apartment, unit or similar valued at $750,000 or less.
- It must be the first sale of the property as a residential premises
- Home must be less than 5 years old
How do I know if I am eligible for the First Home Owners Grant?
Some of the questions the State Revenue Office will ask include
- Will the home be in Victoria? The property must be in Victoria.
- Will there be more than one applicant for the Grant?
- Will the applicant(s) both be a person? This means that each of the applicants must be an individual person, not a separate legal entity like a company or a trust.
- Will the applicant be at least 18 years of age at settlement or completion of construction?
- Will the applicant be an Australian Citizen or permanent resident?
- Will the applicant have a spouse or partner? If you have a spouse or partner, you will have to answer if they have received a first home owner grant in any other state or territory of Australia. If they have already received a First Home Owners Grant then you will be ineligible.
- Has the spouse or partner ever had a relevant interest in residential property? A relevant interest is someone with a legal entitlement to the property being purchased or built. Each person with a relevant interest must be listed as an applicant for the grant.
- Will the applicant be an owner builder? An owner builder is an owner of land who builds a home without entering into a comprehensive home building contract.
- Will the applicant move into the home within 12 months of its completion and live there for at least 12 months?
- Will the property be in regional Victoria with a contract signed on or after 1 July 2017?
The State Revenue Office has a tool you can use to determine whether you are eligible for the First Home Owners Grant. Click here to take a look.
For more information on the First Home Owners stamp duty exemption or concession click here.