Victoria

Victorian First Home Owner Grant – essential information

If you are buying or building a new home, you may be eligible for the FHOG ($10,000) if you signed your contract on or after 1 July 2013. 

Your new home must be valued at $750,000 or less and be a new home. The property must not have been previously sold as a place of residence, occupied as a home, leased out or used for short-term accommodation, such as Airbnb.

You are not eligible for the FHOG if you or your spouse or partner have already:

• received the FHOG in Australia
• owned a home or other residential property in Australia, either jointly or separately, prior to 1 July 2000, or
• lived in a home in Australia which either of you owned or part-owned on or after 1 July   2000 for a continuous period of at least 6 months.

These criteria apply even if your spouse or partner is not an applicant with you for the FHOG.

You may still be eligible for the FHOG if you or your spouse/partner purchased property on or after 1 July 2000 and have not lived there as your home. For example, Tom bought his first property in July 2004. It was a house and Tom has always rented it out. As he has never lived there himself, this house is not considered to be his first residential home and he may be eligible for the FHOG.

Additionally:

• All FHOG applicants must be at least 18 years of age at settlement or completion of         construction (although there is discretion).
• You, or at least 1 applicant, must be an Australian citizen or permanent resident 
  • In the case of the purchase of a new home, as at the date on which the applicant(s) become entitled to possession of the home under the contract, which generally occurs on the date of settlement,
  • In the case of the entering into of a comprehensive building contract, as at the date on which the building is ready for occupation as a place of residence, which generally occurs when the construction of the home is completed.
• You (or at least 1 applicant) must occupy the home as your PPR for at least 12 months,     commencing within 12 months of settlement or completion of construction. From 27         June 2017, Australian Defence Force personnel are exempt from this residency                       requirement. The exemption applies to current members of the Australian Army, Air           Force or Navy who are enrolled to vote in Victorian elections and are either on duty or         leave. The exemption does not apply to reservists or to Australian Public Service staff.

Anyone holding a permanent visa under s30(1) of the Migration Act 1958 is considered a permanent resident of Australia. New Zealanders holding a special category visa under s32 of the Migration Act 1958 are also eligible for the FHOG but must be physically in Australia at the time of settlement.

More Information:

http://www.sro.vic.gov.au/first-home-owner

Victorian First home buyer duty exemption, concession or reduction

When you buy your first home on or after 1 July 2017, you may be eligible for an exemption or concession from duty.

If you entered into a contract to buy your first home before 1 July 2017, you may be eligible for the first home buyer duty reduction. This duty assistance is available to eligible first home buyers, in addition to the First Home Owner Grant.

Find out more here