If you’re looking for a new home loan in Geelong, you may be eligible for the First Home Owner Grant (FHOG), a government incentive that can help make home ownership more affordable for first-time buyers.
Purchasing your first home is an exciting milestone, and in Victoria, the First Home Owner Grant (FHOG) offers valuable assistance to make this journey more affordable. At Konnect Financial Services, we’re committed to helping Geelong residents navigate the complexities of securing a new home loan and accessing available grants.
Understanding the First Home Owner Grant
The FHOG provides a one-off payment of $10,000 to eligible first-time home buyers who purchase or build a new home in Victoria. To qualify, the property must be valued at $750,000 or less and should not have been previously sold or occupied. This includes newly built homes, off-the-plan purchases, and substantially renovated properties.
Eligibility criteria
To be eligible for the FHOG, applicants must meet the following conditions:
- Be at least 18 years old at the time of settlement or completion of construction.
- At least one applicant must be an Australian citizen or permanent resident.
- Applicants and their spouses or partners must not have previously received the FHOG or owned a residential property in Australia prior to 1 July 2000.
Applicants must occupy the home as their principal place of residence for at least 12 months, commencing within 12 months of settlement or construction completion.
Additional benefits
Beyond the FHOG, first-home buyers in Victoria may be eligible for stamp duty exemptions or concessions. For properties valued up to $600,000, a full exemption is available, while a concession applies to homes valued between $600,001 and $750,000. These benefits can significantly reduce the upfront costs associated with purchasing a home.
Application Process
Applying for the FHOG can be done through your financial institution if they are an approved agent or directly with the State Revenue Office (SRO) Victoria. When applying through an approved agent, the grant is typically available at settlement or the first construction drawdown. If applying directly with the SRO, the grant is paid after the transaction is completed.
Learn more about this at the State Revenue Office Victoria.
Assisting you with your new home loan in Geelong
Navigating the intricacies of home loans and grants can be challenging. At Konnect Financial Services, we specialise in guiding first-home buyers in Geelong through the process. Our team can help you understand your eligibility, assist with the application process, and find a new home loan that suits your financial situation.
Embarking on the journey to home ownership is a significant step. Let Konnect Financial Services be your trusted partner in securing the FHOG and a suitable home loan. Contact us today to discuss your options and take the first step towards owning your dream home in Geelong.
