First Home Owner Grant (FHOG)
Introduction
The First Home Owner Grant (also known as the First Home Owner’s Grant or FHOG) offers vital financial support to first-time buyers in Geelong, Victoria. This guide delves into the specifics of the FHOG in Geelong, guiding you through eligibility criteria, the application process, and helpful tips to fully leverage this opportunity.
Understanding the First Home Owner Grant
The First Home Owner’s Grant is a state-run initiative by the Victorian Government aimed at helping first-time buyers purchase their new home. It’s a significant step towards making homeownership more accessible.
First Home Owner Grant Eligibility Criteria
To be eligible for the FHOG in Geelong, applicants must:
- Be purchasing or constructing a new home with a value up to $750,000.
- Hold Australian citizenship or permanent residency.
- Be at least 18 years old.
- Not have previously owned a home in Australia, either on their own or jointly.
- Plan to occupy the home as their primary residence for a continuous period of 12 months, commencing within a year of settlement or construction completion.
How Much Is The First Home Owner’s Grant?
In Victoria the First Home Owner’s Grant is as follows:
- A standard grant of $10,000 for new homes within metropolitan and regional areas.
Application Process
Applying for the FHOG requires careful preparation to ensure all criteria are met. Fortunately, we can help you at every step of the process. (We can even take care of most of the paperwork for you!)
Steps to Apply
- Prepare Required Documentation: This includes identity proof, a copy of the contract of sale, and documents proving eligibility.
- Complete the Application Form: Available on the State Revenue Office (SRO) website or through an approved agent. (Yes! We can help.)
- Lodge Your Application: You can submit your application via an approved agent, such as a bank, or directly with the SRO.
Need Some Help?
If you’re interested in finding out more about the First Home Owners Grant, we can help.
Every day, we help first home buyers to review their current situation and goals to take the first step towards owning their first home.
We’ll help you understand how much you can borrow, what your repayments will be, and what grants and schemes you are eligible for. We can even take care of most of the paperwork for you.
And the best part? Our advice won’t cost you a cent.
Do First Home Buyers Have To Pay Stamp Duty In Victoria?
Stamp duty concessions are available to first-time home buyers purchasing a new or established home.
The amount of concession varies depending on the property’s value and the buyer’s eligibility:
- First-time buyers of homes valued up to $600,000 can receive a concession on a sliding scale.
- For properties between $600,000 and $750,000, a tapered concession is available, decreasing as the property value increases.
Maximising the Benefits of FHOG
To make the most of the FHOG in Geelong:
- Consider combining it with other incentives like the Stamp Duty Concession and other home loan grants available to first-time buyers.
- Engage with financial advisors or mortgage brokers for tailored advice on integrating the grant into your financial planning.
What Other Grants are Available for First Home Buyers in Victoria?
- Stamp Duty Concessions
- Victorian Homebuyer Fund (VHF)
- Off-the-Plan Concession
- Principal Place of Residence (PPR) Concession
- Help to Buy Scheme
- First Home Guarantee
- Family Home Guarantee
- Regional Home Buyer Guarantee
How Long Do You Have To Live In A Property To Qualify For The First Home Owner Grant (FHOG)?
To qualify for the grant, at least one applicant must reside in the home as their primary residence continuously for a minimum of 12 months. This period should begin within 12 months of completing the eligible transaction.
Can I Still Get The First Home Owner’s Grant If My Partner Has Already Claimed It?
Generally, eligibility for the grant is forfeited if either partner has ever owned or shared ownership of property in Australia, or if either has been a recipient of the Australian First Home Owners Grant previously. For more information, contact us.
First Home Owner Grant For Australian States
First Home Owner Grants (FHOGs) are available across different states and territories in Australia, each with its own set of criteria and benefits. Let’s break down what’s on offer outside of Victoria:
First Home Owner Grant Queensland (QLD)
- For contracts signed between 20 November 2023 and 30 June 2025: $30,000
- For contracts signed before 20 November 2023: $15,000
- Eligible for buying or building a new home valued up to $750,000
First Home Owner Grant New South Wales (NSW)
- $10,000
- Eligible for a new home valued up to $600,000 or up to $750,000 if you’re building
First Home Owner Grant Western Australia (WA)
- $10,000
- Up to $750,000 for new homes purchased south of the 26th parallel, and up to $1 million for those north of it
First Home Owner Grant South Australia (SA)
- Up to $15,000
- Eligible for new homes valued up to $650,000
First Home Owner Grant Tasmania (TAS)
- $30,000
- Eligible for new homes or off-the-plan properties only
Northern Territory (NT)
- $10,000
- Eligible for new homes only
First Home Owner Grant Australian Capital Territory (ACT)
- The First Home Owner Grant has been replaced by the Home Buyer Concession Scheme, offering a full stamp duty concession for eligible applicants.
Remember, each state or territory may have additional exemptions, concessions, or criteria, so it’s essential to do your research or consult with local authorities for the most accurate information.
Conclusion
For first-time home buyers in Geelong, the First Home Owner Grant is an invaluable asset. It eases the financial burden and brings the dream of owning a home closer to reality. Understanding the eligibility criteria, adhering to the application process, and strategic planning are key to fully benefiting from this government assistance.
To find out more, schedule a chat with an Aussiewide home loan expert today.