Assistance available to first home owners

Purchasing your first home is a time of excitement and sometimes, a little worry about the details of the process.

If you are purchasing your first home, you should know that you may be entitled to a range of discounts and benefits in Victoria.

First Homeowner’s Grant

The First Homeowner’s Grant (the Grant) is $10,000 available to first homeowners who purchase or build a new home in Victoria.

To receive the Grant, the following criteria need to be met:

• Your home is less than $750,000
• Your home has not been previously occupied or used for short-term accommodation
• You are at least 18 years old
• You or your partner are an Australian citizen at the date of settlement or the date when the construction of the home is completed
• You move into the home as your principal place of residence for at least 12 months
• You and/or your partner have not previously received the grant
• You and/or your partner did not own a home in Australia prior to July 1, 2000, and
• You and/or your partner have not lived in a home in Australia which either of you owned or part-owned, for a period of at least six months after July 1, 2000.

First Home Buyer Stamp Duty Exemption, Concession or Reduction

When you buy a home, you are required to pay land transfer duty, also known as stamp duty.

You may be entitled to an exemption, concession, or reduction from stamp duty even if you are not eligible for the Grant, depending on your circumstances.

You may also be eligible for a 50 per cent reduction of stamp duty, depending on the value of your home and some other considerations.

Homebuyer Fund

The Homebuyer Fund is a Victorian government scheme created to financially contribute up to 25% for the purchase price of your property in exchange for an equal percentage in ownership.

This figure is up to 35 per cent for Aboriginal and Torres Strait Islander applicants.

The eligibility requirements for the scheme will depend on:

• The purchase price of the property
• The type of property
• The minimum deposit you have saved
• Your annual income
• Your citizenship or permanent residency status
• If you are 18 years old at settlement
• Your current land interests
• Who you are purchasing the property from
• If the property will be your principal place of residence, and
• If you have an approved loan for the purchase.

You will be required to start repaying the Victorian government’s contribution to your property once your income reaches a certain amount, however, you may need to repay the contribution sooner depending on your circumstances.

How can Coulter Legal help?

If you have any queries surrounding your eligibility, or would like to apply for the Grant, Homebuyer Fund or a stamp duty exemption, concession or benefit, our conveyancing team can assist you.

Phone Coulter Legal today on 5273 5273 or head to coulterlegal.com.au