First Home Owners Grants and Assistance In Victoria

Many mistakenly think the FHOG (First Home Owner Grant) is gone completely. Victoria has a First Home Owners Grant and concessions to help you buy your first home sooner. These apply for homes which will be your Principal Place of Residence (PPR).

First Home Owners Grant – up to $20,000

If you are buying or building a new home valued up to $750,000 in regional Victoria, you may be eligible for the First Home Owner Grant of $20,000. If the property isn’t in regional Victoria you might be eligible for $10,000.

First Home Buyer Duty Exemption

If you are a first home buyer eligible for the First Home Owner Grant and your home is worth under $600,000 you are eligible for a stamp duty exemption. If your property is valued at $600,001 and $750,000 then it is a concession instead.

Off-The-Plan Concession – varies

You can receive a duty concession as a first home owner buying an off-the-plan land and building package or a refurbished lot. You must live in the property as your home if you sign your contract on or after 1 July 2017.

Principal Place Of Residence (PPR) Concession- varies

This is a concession when a property you buy is going to be your principal place of residence and is up to $550,000 in value.

Pensioner Concession

If you are a pensioner, you might be eligible for a once only concession.

Young Farmers Exemption or Concession – varies

If you are a farmer under 35 years of age you may be eligible for assistance. You must choose between this concession or the PPR concession, you cannot have both.
For more information on which concessions you might be eligible for and how to apply, click here.

If you’d like to discuss your mortgage needs and get help applying for your home loan and these concessions, click here to make an enquiry and be connected with a MoneyQuest broker in your area.

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