Hey there, future homeowners! 🏡

If you’re considering buying your first home in Victoria, Australia, you’re in luck.

There are several great government incentives on offer to help you get your foot in the door.

In this article we’ll give you a rundown on what they are, what you get, and other than just being a first home buyer what some of the eligibility requirements are to access these schemes.

Let’s strip that down together!

First Home Owner Grant (FHOG)

The First Home Owner Grant is a one-off payment for eligible first home buyers who are buying or building a new home. Here’s what you need to know:

What You Get: A grant of $10,000.

Eligibility:

• You must be building or purchasing a new home valued at up to $750,000.

• You and your spouse/partner must not have previously owned a home in Australia.

• You must occupy the home as your principal place of residence within 12 months of settlement or completion.

First Home Buyer Duty Exemption or Concession Stamp Duty

Stamp duty can be a hefty expense, but first home buyers in Victoria might be eligible for exemptions or concessions:

What You Get:

• Full Exemption: If your home’s dutiable value is $600,000 or less.

• Concession: If your home’s dutiable value is between $600,001 and $750,000.

Eligibility:

• You must live in the property as your principal place of residence for a continuous period of at least 12 months, starting within 12 months of settlement.

Home Guarantee Scheme

Another expense that many buyers with less than a 20% deposit must pay is Lenders Mortgage Insurance (LMI), but using this scheme allows first home buyers to avoid this cost.

What You Get: The ability to secure a home loan with a 5% deposit and not pay Lenders Mortgage Insurance.

Eligibility:

• You must be an Australian citizen, at least 18 years old.

• Your taxable income must be up to $125,000 per year for singles or $200,000 per year for couples.

• You must intend to live in the purchased property.

• The property price must fall within the designated price cap for Victoria.

Victorian Homebuyer Fund

The Victorian Homebuyer Fund is a shared equity scheme, making it easier for Victorians to enter home ownership.

What You Get: the Victorian Government could contribute up to 25% of the purchase price in exchange for an equivalent share in the property.

Eligibility:

• Your annual income must be below $138,485 for singles or $208,775 for couples.

• You must have at least a 5% deposit

• The home must be valued at less than $950,000 if it’s located in Melbourne or geelong, or less than $700,000 if regional.

That’s it! Every scheme available for first home buyers in Victoria, Australia, and who’s eligible for them.

(please note that not all banks have access to some or all these incentives, if you want to make sure that you’re getting everything that your owed, use a broker – it’s free!)

If you’re ready to take the plunge, or want to learn a bit more about how we much we can save you, drop us your details by clicking HERE!

Or visiting www.nudehomeloans.com.au/get-started

And remember, we’re here to help make the journey as simple, straightforward, and stress free as possible. Happy house hunting! 🏡😊