The First Home Owners Grant is an incredible grant for new home owners. It's not one to be missed so be sure to read our Ultimate Guide to assess whether you're eligible.
The First Home Owners Grant of $10,000 is available if you're buying or building your first home. If you're in regional Victoria, a $20,000 grant is available based on contracts signed from 1 July 2017 to 20 June 2020. As the Victorian State Revenue Office explains, a first home can include "a house, townhouse, apartment, unit or similar but it must be valued at $750,000 or less, be the first sale of the property as residential premises and the home must be less than five years old" (2019).
So, if this grant sounds like it's for you, you're probably wondering how the grant works. Firstly it's important to know the new home owners grant is still available within Victoria up until 30th June, 2020. In order to apply, you need to make sure that you're eligible for the grant. If you're unsure, scroll down for our in-depth explanation of who is eligible for the First Home Owners Grant.
Once you've worked out if you're eligible for a new home owners grant, you next need to provide evidence to prove that you are a first-time home owner and that you meet the new home owners grant requirements. You'll then need to complete and lodge your application on the Victorian government's website. What's important to note is that in most cases a government-approved agent will lodge the application on your behalf. Approved agents include most major banks as well as credit unions. The process is far simpler when going through an agent. We recommend only lodging your application directly with the State Revenue Office if you are unable to go through an agent.
If you're wondering when you will receive your grant payment after applying, the date will depend on whether you are buying or building a home. For those buying their first home and lodging their application through an agent, the grant will be paid on the date of settlement. If you're lodging directly with the State Revenue office, within ten working days the application will be reviewed and if accepted, the grant will be paid into the account of your choice. For alternate circumstances, we advise having a look at this page for further information on payment dates: https://www.sro.vic.gov.au/node/172.
So if you're unsure if you qualify for the First Home Owners Grant, we've compiled this list to help you work out whether you're eligible.
According to the Victorian State Revenue Office, if you or your spouse/partner have previously received the new home owners grant you are not able to apply a second time. If either of you have been the owner of a house or residential property within Australia prior to 1st July, 2000 you are also not eligible for the grant. You are also not able to receive the first home owners grant if you have occupied, for a consecutive period of at least six months, a house in Australia that either of you owned partly or fully on or after 1 July 2000.
If none of this applies to you, then you also need to be 18 years or older. You need to be an Australian citizen or permanent resident. You must also occupy a house within Victoria or regional Victoria as your 'principal place of reside' for a minimum of 12 months. If you meet all these criteria, congratulations because you may just be eligible for the grant.
Finally, if you're still unsure, you can also head here to complete the Victorian government's online assessment to work out if you qualify for the grant: https://www.sro.vic.gov.au/node/6107.
It's important to remember Victoria's first home owners grant only applies for those contracts signed before 30th June, 2020, so if you're planning to complete an application and meet all the eligibility requirements, be sure to submit your application before then.
Yes, you may use the grant towards a deposit. What's important to remember is that the grant may not be enough to make up the whole deposit but rather, will partially contribute to your deposit. $10,000 or $20,000 depending on where your first home is located may not be enough to pay for the entirety of your deposit.
Yes. You may use the first home owners grant to buy land, however, in order to be entitled for the grant in the first place, you must have property of your own that is either an existing home or a piece of land you intend to build on. It's also important to remember you must have occupied that home for at least 12 months and that the home is located within Victoria or regional Victoria.
Yes. You are entitled to the first home owners grant. Both sole property owners and owners in a partnership where you and your spouse/partner own the property together are entitled to the grant. Being married does not influence whether you are entitled to the grant or not.
Yes, permanent residents are entitled to the first home owners grant as well as Australian citizens.
No. If you have applied for the first home owners grant and received it already, you are not entitled to apply for it a second time. You are only eligible to receive the first home owners grant once.
Yes. In Victoria, first home buyers do pay stamp duty, however, there are exemptions and concessions. If you're unsure, have a look on the the Victorian government's State Revenue Office website for detailed information about what stamp duties apply to you.
Yes. You are entitled to receive the first home owners grant if you have owned, for at least 12 months, an existing home. You must also ensure that you meet the other eligibility requirements including that you are either a permanent resident or Australian citizen and that the existing home is based within Victoria or regional Victoria.
The first home owners grant is a great offer for those looking to buy or who have already bought their first home. If you've just bought your first home and are looking to build, there's no better place to look than G.J Gardner's Homes. Rated Australia's No.1 and most trusted national home building brand, you can rest assured you're in good hands. Whether you are looking to start from scratch or simply renovate a pre-existing home, C.J Gardner can do it all.
If you are entitled to the grant and meet the eligibility requirements, it's a great form of financial support. Whether you're buying your first property or building on an existing home, the grant will make your life that much easier by offering financial assistance, so be sure to refer to our guide closely to work out whether you can apply for the first home owners grant. It's important to remember that if you are eligible for the government grant, you must apply before the cut off date of 20 June, 2020. We also recommend using an approved agent wherever possible to make the process as simple and smooth as can be. There's far less administrative requirements as well as time required on your part.
Good luck and we hope this Ultimate Guide assists you. If you have any questions or queries, have a look at Victoria's State Revenue Office which offers detailed and comprehensive information about all things related to the first home owners grant.The information contained in this article is not legal or financial advice and should not be relied upon as a substitute for professional advice. Consumers should make their own independent inquiries and consider the need to obtain any professional advice relevant to their circumstances. Further information about the First Home Owners Grant is available at http://www.firsthome.gov.au/.