Buying your first home is a significant milestone; however, it can also feel overwhelming, especially when dealing with finances. Fortunately, Victoria offers a range of grants and incentives to help first-home buyers secure their place in the property market. By understanding what’s available, you can make a huge difference in your buying journey and potentially save thousands of dollars.
At Quantum Buyers Agents, we’re committed to guiding you through the entire process. Our expert team will ensure that you make the most of every opportunity, maximizing the value of the grants and incentives.
1. First Home Owner Grant (FHOG)
The First Home Owner Grant (FHOG) is a one-time financial assistance aimed at helping first-home buyers. If you’re purchasing or building a new home worth up to $750,000, you could qualify for a $10,000 grant in Victoria. In regional areas, however, the amount can increase to $20,000. Learn more about FHOG
Eligibility Criteria:
- The property value must be $750,000 or less.
- You must be at least 18 years old and either an Australian citizen or permanent resident.
- Additionally, you must live in the property as your main residence for at least 12 months.
2. Stamp Duty Concessions and Exemptions
Stamp duty is one of the biggest upfront costs when buying a home. However, Victoria offers some generous concessions to ease this financial burden. Here are the main options available:
- Full Stamp Duty Exemption: If your home is valued under $600,000, no stamp duty applies.
- Stamp Duty Concession: Homes valued between $600,001 and $750,000 qualify for a sliding-scale discount.
As a result, these concessions can significantly lower the costs involved in purchasing your first home.
3. First Home Buyer Shared Equity Scheme
With the Victorian Homebuyer Fund, eligible first-home buyers can access a shared equity scheme that helps them buy property with a smaller deposit. The government contributes up to 25% of the property’s price, which reduces the amount you need to borrow. Over time, you can also buy back the government’s share, giving you more control over your investment.
Who Can Apply?
- A minimum deposit of 5% is required.
- Single applicants must earn under $130,485 annually, whereas joint applicants must earn under $208,775.
- Furthermore, the property must fall within the price cap for the area (e.g., $950,000 in Melbourne and Geelong, $600,000 in regional Victoria).
4. First Home Super Saver Scheme (FHSSS)
This federal scheme offers an opportunity to save for a deposit through your superannuation fund, allowing you to benefit from lower tax rates. Eligible buyers can withdraw up to $50,000 in voluntary contributions to assist with their home deposit. Consequently, this scheme helps boost your savings in a tax-efficient manner.
How Quantum Buyers Agents Can Help
Navigating the property market as a first-time buyer can feel daunting; however, Quantum Buyers Agents makes the process easier. We ensure you take full advantage of every grant and incentive available. Here’s how we can help:
- Expert Advice: We simplify complex processes and grant applications, ensuring you understand every step.
- Access to Off-Market Deals: With over 60% of our purchases being off-market, you’ll gain a competitive edge.
- Seamless Buying Experience: From house hunting to settlement, we handle all the details, ensuring a smooth journey.
Start Your Property Journey Today!
Now is the ideal time to take advantage of these fantastic incentives. If you’re buying your first home in Victoria, let Quantum Buyers Agents help you secure your dream property with expert support every step of the way.
📞 Get in touch today for a chat: Quantum Buyers Agents
