First Home Owners Grant Victoria
The First Home Owners Grant Victoria has been acclaimed as one of the reasons Victoria has worked its way through the darkest days of the Global Financial Crisis (GFC) virtually unscathed.
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During the period 2008/9 the grant money of $7,000 was increased to $14,000 for first home buyers buying their first established home and to $21,000 for those building their first home. This was assisted with the Reserve Bank of Australia (RBA) lowering interest rates at the same time to historically low levels. These two moves saw a record number of home buyers enter the market, resulting in the housing industry remaining strong throughout, which was a major factor in the Victorian economy being one of the first in Australia to show a sustained recovery. This recovery meant that the grant ‘boost’ payment, as it was known, was discontinued, with the grant returning to the original $7,000 and interest rates returning to a more normal level to avoid a trend towards inflation.
The First Home Owners Grant Victoria is a first home buyer housing incentive that is funded by the Australian Government and administered by the Victorian Government through its State Revenue Office. It was launched on July 1, 2000, as a compensation package to ease the burden imposed by the new tax, the Goods and Services Tax that was launched at the same time. It is aimed to assist genuine first home buyers purchase their first home by paying a tax fee, once only lump sum grant of $7,000 to all eligible first home buyers purchasing property valued at no more than $750,000. The grant money can be used for any purpose the recipient wishes to put it to and many use it to pay the associated costs that are involved in home buying such as any establishment fee, valuation fees, building inspections, pest inspections, and legal costs for a solicitor and conveyancing services.
The Victorian Government itself supplements the First Home Owners Grant with its own incentives such as:
• The First Home Bonus. This particular scheme offers first home buyers purchasing property valued below $600,000 an amount of $13,000 on an established home and $19,500 on a new home.
• Stamp Duty Concessions. First home buyers with families and dependent children can choose to avail themselves of generous stamp duty concessions rather than using the First Home Bonus if they wish to do so but you must choose one or the other, you can not receive both. Eligible first home buyers can receive a full exemption from paying stamp duty if the value of the property you are buying does not exceed $150,000. Concession from paying duty is still available if the value does not exceed $200,000.
To be eligible to receive the First Home Owners Grant Victoria and either the First Home Bonus or the Stamp Duty Concessions you must be able to comply with the eligibility criteria set down for the Grant. This means that you must be:
• At least 18 years old or over.
• Be a ‘natural’ person. In other words you can not be a company or a trust. However is the trust is specifically set up to benefit a disabled person it can be accepted.
• Be an Australian citizen or permanent resident who has lived in Australia for at least six months. New Zealanders are automatically treated as if they are Australian citizens under the provisions of the Migration Act 1958.
• Never have owned a property anywhere in Australia before either alone or in partnership with any other person.
• If married or living in a relationship, neither your spouse, nor your domestic partner of any gender, can have owned property elsewhere in Australia previously either. This requirement is still effective even if your spouse or domestic partner have no interest in the property being purchased.
• You must be prepared to live in the property being purchased for at least six months during the first 12 months following settlement, or if building your own home, from the finish of the construction of the building.
• The property you are purchasing must comply with all the building requirements of local, state and federal authorities. It therefore must be a habitable house, flat, unit, apartment or townhouse etc.
You can apply for the First Home Owner Grant Victoria directly through the Victorian State Revenue Office, your mortgage broker or your lender if they are an authorised agent able to receive the claim on your behalf. In fact the claim is processed quicker if you do choose to apply through your mortgage broker or lender. In this way you can be more certain that it has been completed properly, with all the necessary supporting documentation attached.
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Related posts:
- Federal Government First Home Owners Grant
- When Will I Get the First Home Owners Grant?
- First Home Buyers Grant Tasmania (TAS)
- How to Apply for the First Home Owners Grant in South Australia (SA)
- First Home Owner Grant Overview (VIC)
- First Home Owners Grant – When Will The Grant Be Paid? (Vic)
- Eligibility for first home buyers grant
- Can I Apply for the First Home Owners Grant if I Have Previously Owned a Property Which Was Then Sold?
- First Home Owners Grant FAQ
- First Home Owners Grant New South Wales
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