How To Reduce Your Costs With Government Incentives
Incentives for first time home buyers
Purchasing your first home is an exciting milestone! Provey Legal is here to guide you through the whole process and make it a simple and rewarding experience. We have listed a couple of incentives you may be eligible for to help you with the purchase of your first home
First Home Owners Grant
The First Home Owner Grant (FHOG) is a government initiative to help first time home buyers enter the property market. It is a one-off grant of $10,000 which is payable to eligible first time home buyers who are building or purchasing a new home in Victoria.
For contracts entered into between 1 July 2017 to 30 June 2020, eligible first home buyers purchasing in Regional Victoria will receive an increased grant of $20,000.
You or your spouse/partner may qualify for the FHOG if you purchase a new home that does not exceed $750,000 as well as meeting the following criteria:
You are 18 years old or over
You’re an Australian citizen or permanent resident
You’re a New Zealander holding a special category visa under s32 of the Migration Act 1958
You hold a permanent visa under s30(1) of the Migration Act 1958
You intend to live in the home for at least 12 continuous months, starting within 12 months of settlement or completion of construction
You have never owned a residential property in Australia
You have never received a FHOG in Australia.
First time home buyer duty exemption and concession
If you’re a first time home buyer purchasing an established home, you are not eligible for the FHOG. However, you may be eligible for a first time home buyer duty exemption or concession, which can reduce or abolish the stamp duty payable for those that are eligible. You may be eligible if:
You entered into a contract of sale to buy your first home on or after 1 July 2017;
Your home has a dutiable value of:
$600,000 or less in which case you may be eligible to receive the first home buyer duty exemption, or
$600,001 to $750,000 in which case you may be eligible to receive the first home buyer duty concession;
All the purchasers of the property meet the eligibility requirements for the FHOG; and
At least one purchaser satisfies the residency requirements.
Apply through online conveyancing
We can assist by quickly applying for your FHOG or concession online on the State Revenue Office Duties Online system (and where a transaction is involved, we also lodge the transfer documentation through PEXA the online conveyancing platform widely used by the industry)
For more information on purchasing your first home please contact one of our friendly staff at Provey Legal on 8609 1200 or send us an email legalsupport[at]provey.com.au