If you’ve been looking to buy your first home in Victoria you might be thinking that you’re facing an uphill battle. Between finding that first home and saving for a deposit, the dream of owning your own home can seem very challenging. Luckily, while you have a range of financial and legal responsibilities to consider before buying a new home, you can get help.
Get a $10,000 Head Start when buying a new home!
The First Home Owner Grant assists eligible homebuyers with their purchase of a newly built home that’s worth $750,000 or less. If you are eligible, you will receive $10,000.
Also get First Home Buyer stamp duty reductions when buying either a new or an existing home.
If your first home (either new or existing) has a dutiable value of $600,000 or less, you can also get a 50% reduction in your stamp duty, one of your biggest costs.
Your stamp duty will be further decreased by up to an additional $3,100, if the dutiable value of your purchase is $550,000 or less.
How Do I Get the First Home Owner Grant and/or the First Home Buyer stamp duty reductions?
Firstly, you need to have signed a contract to purchase a new home on or after 1 July 2013. Secondly, you need to be eligible; the four tests below apply to both you and your partner.
- You have not received the First Home Owners Grant before.
- You have not owned a residential property in Australia before 1 July 2000.
- You have not lived in a home, which either of you purchased after 1 July 2000, for at least 6 months.
- At least one of the buyers must live at the property to be purchased for at least 12 months and this residence periiod must commence within 12 months of the settlement date.
Your lending Bank can assist you in applying for the First Home Owner Grant before settlement.
Glenferrie Conveyancing will prepare your application for the First Home Buyer stamp duty reduction, and can also assist you in applying for the First Home Owner Grant after settlement when your Certificate of Occupancy is issued.
What about if I’m buying a block of land upon which I’m building my first home?
There are two scenarios:
- If you are borrowing money from a Bank, and you have signed a Building Contract to build your new home before your land purchase is settled, your Bank should be able to assist you with your First Home Owner Grant application. The $10,000 Grant will then be used towards the purchase of your land, and you will receive the First Home Buyer stamp duty reduction at settlement.
- Otherwise, after the settlement of your land purchase and when your Certificate of Occupancy has been issued, Glenferrie Conveyancing can assist you to apply for the First Home Owner Grant and First Home Buyer stamp duty reduction (as a refund).
The First Home Owner Grant is just one thing that is on your side when it comes to getting into the property market. The other one is an expert conveyancer. Glenferrie Conveyancing is dedicated, flexible and committed to you, and can help make sure you don’t miss out on benefits like the First Home Owners Grant.
To get all these benefits and more around Northcote and Melbourne’s suburbs, contact Glenferrie Conveyancing.