Buying your first home is a huge milestone, but it’s also incredibly daunting, but it doesn’t have to be as expensive as most people think. If you’re entering the real estate market for the first time, chances are you don’t have the biggest budget, which can make affording a home rather difficult.

Luckily, the Australian government offers the First Home Owner Grant to help new buyers purchase real estate. There are some conditions, but most Australian citizens will qualify, so this is definitely an opportunity you should take advantage of.

Here’s everything you need to know about applying for the First Home Owners Grant in Victoria.

What Is The First Home Owners Grant?

Australia introduced the First Home Owners Grant back in 2000 to make it easier for first-time buyers to purchase a home. It’s a lump-sum payment given to eligible individuals or couples who are buying a home for the first time.

The amount you receive varies by state. For Victoria, the grant is $10,000 for any home valued up to $750,000. An additional $10,000 is available for people buying new homes built between July 2017 and June 2021. So, the maximum amount you can receive is $20,000. If you are purchasing in a rural area there is a further $10,000 grant available.

Homebuyers in Victoria are also eligible for stamp duty exemptions and reductions. Those buying homes valued up to $600,000 don’t have to pay stamp duty, and stamp duty is reduced for those buying a home valued between $600,001 and $750,000.

What Are The Eligibility Requirements?

In order to qualify for the grant in Victoria you’ll need to meet the following requirements:

  • Be over the age of 18.
  • Be an Australian citizen or permanent resident when the deal is finalised (if you’re buying a home that’s already built) or by the time the home is ready to move into (if you’re building a home).
  • You intend to live in the home for 12 consecutive months and make it your primary residence.
  • You must begin living in the home within 12 months of purchasing the property.The property must be new or significantly renovated.

You’re unable to get the grant if you:

  • Have previously received the First Home Owner Grant in Australia.
  • Previously owned a home in Australia before July 1, 2000.
  • Previously occupied a home you either owned or part-owned in Australia for six months, for a continuous period of at least six months on or after July 1, 2000.Are buying a property strictly for investment purposes, or to be used as a vacation home.
  • You’re buying a property valued above $750,000.

Applying For The First Home Owner’s Grant

You have two choices when applying for the First Home Owner’s Grant:

1/ Complete the application yourself.
Click here to fill out the application and then mail it to the State Revenue Office.

2/ Apply with the help of an approved broker.

In order for your application to be accepted, it must be filed within 12 months of settlement, or the completed construction of your home.

The application process is rather complicated. To ensure everything goes smoothly it’s recommended that you use an approved broker to assist you.

Rent Converters Can Help You Qualify For The First Home Owners Grant

We’ve helped countless first-time buyers qualify for the First Home Owners Grant. In addition to assisting with your grant application, we can also help you secure financing, source land, and guide you through the New Home Build process.