You may have heard recently about the changes to the First Home Owners Grant (FHOG) in Victoria.
If you haven’t purchased a house before, make sure you take a look at the State Revenue Office’s First Home Owner’s web page website as there are substantial savings to be made for first home owners that build or buy in regional areas (pending the final decision on the legislation to be decided around June 2017). Some banks will even consider the grant as evidence of savings and will let you use it as part of your deposit.
Some key points in the new First Home Owners Grant program are:
- The First Home Owner Grant (FHOG) will increase from $10,000 to $20,000 for new homes built in regional Victoria.
- Your home can be a house, duplex, unit, townhouse or similar.
- Stamp duty will not be payable where the value is up to $600,000 and the stamp duty will be calculated on a sliding scale for homes valued over $600,000 and up to $750,000.
- To be eligible, the value of the home must not exceed $750,000.
- The grant applies to contracts signed between the 1st July 2017 and the 30th June 2020.
There are a huge number of regional build zones available for first home buyers to take advantage of the grant. How about a family home in the exciting growth corridor of Armstrong Creek (Geelong) or a sea change in Torquay?
Now is wonderful time to realise your new home dream. Find your land, commence designing your home with ARCA, lock in a fixed price (at today’s building costs) and be ready to sign a contract from 1st July 2017.
Are you a first home buyer who is planning to build a new home?
If you are are first home buyer looking to build a new home and would like assistance with your First Home Owners Grant Application, call the friendly team at ARCA who will be happy to help.
* The information contained in this blog is general information only and is provided in good faith. No part of this blog is to be construed as a solicitation to buy or sell any product. The author, in preparing this blog, did not take into account the objectives, financial situation and particular needs of any particular person. Before acting on any information or advice in this document, you should consider the appropriateness of it (and any relevant product) having regard to your circumstances. You should also seek independent financial advice prior to acquiring any investment product. First home buyers should refer sro.vic.gov.au for current updates and eligibility criteria.