How much is the First Home Owner Grant in Victoria?
The First Home Owner Grant in the Victorian metropolitan area is $10,000 if you’re buying or building a new home and you meet the other eligibility requirements. It is $20,000 in regional Victoria up until 30 June 2020.
How does the First Home Owner Grant work?
The First Home Owner Grant will usually be paid at your contract settlement date if you’re buying a new turnkey home that’s just been built, or when your slab is laid if you’re building your new home via a house and land package.
Only one payment can be made per home-buying transaction. In other words, if you’re buying a new home with your partner and you’re both eligible for the First Home Owner Grant, only one grant payment will be made.
What are the eligibility requirements for the First Home Owner Grant in Victoria?
To be eligible for the First Home Owner Grant in Victoria, you (and /or your partner) must:
- not have ever received a First Home Owner Grant in any Australian State or Territory,
- be over 18 years of age,
- be an Australian citizen or permanent resident, and
- intend to live in your new home for at least 12 months within 12 months of the home loan’s settlement date (in other words, you must be buying a new residential home to live in yourself, not an investment property to rent out to tenants).
How do you apply for the First Home Owner Grant in Victoria?
You can apply for the First Home Owner Grant in Victoria online through the State Revenue Office.
Can you participate in the First Home Loan Deposit Scheme if you’re eligible to receive the First Home Owner Grant?
Yes, provided that you satisfy the eligibility requirements of the First Home Loan Deposit Scheme [JC1] as well. The First Home Loan Deposit Scheme is a federal government guarantee to help you avoid the cost of lenders’ mortgage insurance (LMI). The cost of LMI varies between lenders, but it can be $10,000 or more on an average-sized home loan.
Am I eligible for the stamp duty exemption or concession if I receive the Victorian First Home Owner Grant?
Yes, you’ll be eligible for a stamp duty exemption (if your hew home is valued below $600,000) or for a stamp duty concession if it’s valued between $600,000 and $750,000. Both the first home buyer stamp duty exemption or the concession could save you tens of thousands of dollars.