What you need to know about the FHOG
The only thing more fun than trying to decipher pages and pages of property legislation is… well, everything. If you’re a first home buyer in Victoria, the First Home Owners Grant (FHOG) could be a huge boost to your deposit. But working out how it actually works isn’t always easy.
We think you deserve to know what you’re entitled to without having your eyes glaze over. We want to make the FHOG less foggy. Find out how you could make your first home more affordable.
It’s basically free money
The FHOG is a one-off payment, usually of $10,000, that the Government could give you when you buy your first home. The good news is, that home purchases in Wallan are eligible for the regional FHOG – an amount of $20,000!
Your home could be a house, unit, townhouse, or apartment, but it can’t cost any more than $750,000. It also has to be completely new and can’t have been sold as a residential property before – which is great if you’re open to building and looking to create a space that’s truly your own!
A lot of people confuse the FHOG with the Stamp Duty concession, which is a totally different thing.
You might be eligible for it
So, are you eligible for the FHOG? That depends if you, and anyone else you’re buying your house with:
- Have never received the grant before
- Have never owned or partly owned a home
- Are eighteen years old or over
- Are a citizen or permanent resident of Australia (at least one of you)
- Are going to live in the house for at least a year after buying it
- Are all humans, and not a company or trust.
It’s worth twice as much outside metropolitan Melbourne
Wallan is in a unique position. Wallan is an established community that is on the outskirts of metropolitan Melbourne, meaning you get advantage of affordable property prices, community feel and more open space, but Melbourne CBD is easily accessible by road, or a cruisy 45-minute train. It is one of the closest towns to Melbourne that is still eligible for the $20,000 regional FHOG.
It doesn’t have to be a hassle
You’ll have to fill out a form to apply for the FHOG. But don’t imagine a blizzard of paperwork. Buying a home is easier than you think.
We are here to answer any questions you have about the regional FHOG, lending, finance, housing, and anything you need to get on your way to your dream home. So contact Kane today – he is here to answer any of your questions.