VIC First Home Buyers Grant Summary 2022

VIC First Home Buyers Grant Summary 2022

Victoria First Home Buyers Grant Summary

Are you confused about what grant(s) you can receive as a first home buyer in Victoria? We have developed a quick summary below. Grants change regularly, so it is always a good idea to review the state government’s website to confirm your eligibility or simply contact us.

At Mortgage Choice, our goal is to educate and make the process as easy as possible. When is the last time you purchased property? It is important that you deal with industry professionals throughout the entire process. If you’re ready to buy your first home or just doing a bit of research, it’s important to understand what Government support is available when it comes to grants and incentives and how much you could save!

Applying for the First Home Owner Grant is easy, and we can guide you through the paperwork.

Essentially, there are 7 main grants;

Australian Government HomeBuilder

  • $15,000 grant
  • New house and land packages up to $950,000
  • Renovate your existing residence where the contract value is between
  • $150,000 – $950,000 and the total value of your house does not exceed $1,500,000
    Further details here

Victoria First Home Buyers Stamp Duty Discounts 

  • First homeowners in Victoria don’t pay stamp duty at all on their first home as long as the property is valued below $600,000.
  • You may still be eligible for savings on stamp duty if you pay between $600,000 and $750,000 for your first home.

Victoria First Home Owners Grant

  • $10,000 grant
  • Newly constructed dwelling with a value less than $750,000

Victoria Pilot Shared Equity Scheme

  • Under the terms of the new Pilot Shared Equity Scheme, eligible first home buyers will only need to have a 5% deposit in order to buy a home. The Victorian State Government takes a proportional interest of up to 25% in the property.
  • First home buyers will then be able to take out a loan that is worth 70% of the value of the home (thanks to their 5% deposit and the Government’s 25% stake in the property).
  • Once the first home buyer sells the property, they will just have to repay the Government’s proportional interest. To be eligible for the Government support, singles must be earning an annual income of $75,000 or less and couples must have a combined household income of $95,000 or less.

$20,000 FHOG for Regional Victoria

  • For contracts entered into between 1 July 2017 and 30 June 2021, the Victorian Government will provide a $20,000 grant to first home buyers purchasing or building new properties in regional Victoria up to the value of $750,000.
  • However, if you enter into a contract to buy or build a new home in regional Victoria after 30 June 2021, you may still be eligible for the $10,000 FHOG. The full list of Victorian councils that are classified as Regional Victoria for the $20,000 FHOG can be found at the State Office Revenue website here.

Australian Government First Home Loan Deposit Scheme

  • Allows you to take out a mortgage with just a 2-5% deposit and avoid paying lender’s mortgage insurance (LMI).
  • Further details here

Australian Government First Home Super Saver Scheme

  • Allows you to access up to a total of $50,000 contributions of your voluntary concessional (before-tax) and voluntary non-concessional (after-tax) contributions into your super fund to save for your first home.
  • Further details here

CALL US for details on which scheme(s) applies to you.