Have you been thinking about buying your new home? Searching all over town for the perfect new home is already hard enough. You will soon discover that the process of owning one would even be more painstaking. From the complicated paperwork to the added expenses you are going to incur, the whole process can be a headache.
Through the First Home Owners Grant, you can lessen the burden of first-time home buying. In no time, you can enjoy the benefits of living in your own home, especially when you work with experienced solicitors on the field.
What You Should Know About First Home Owners Grant
The First Home Owners Grant (FHOG) was introduced in 2000 to dampen the effect of the Goods and Services Tax (GST) on purchasing or building a house. Through this grant, the government can extend assistance to individuals or families who wish to buy or build their new home. It is a financial assistance awarded to those who are eligible under the FHOG guidelines.
In the state of Victoria, applicants can be awarded up to $10,000 FHOG when they have their first home. However, the grant that the applicant can get can vary depending on the location of your new home. For instance, approximately $20,000 FHOG can be availed for new homes built within regional Victoria.
This is applicable for contracts signed from July 1, 2017, to June 30, 2021.
Requirements and Other Prerequisites
The First Home Owners Grant is a great option for first home buyers who are seeking to cut their costs. However, it does come with the following requirements and prerequisites:
- Your first home must be valued at $750,000 or less. Be the first sale of the property as a residence and must be less than five years old. It can be a house, apartment, townhouse, or anything similar.
- Your purchase must not be turned into an investment property or holiday home.
To be eligible for this grant, you must be:
- A permanent resident or citizen of Australia
- A genuine first-time homeowner or grant beneficiary
- Of the minimum age set by your state or territory’s scheme
- Purchasing or building the home as an individual (rather than a company, etc.)
- Intending to live in the residence for the minimum time determined by your state or territory
- Applying for the grant within 12 months of settlement
There are many more rules under this grant. To learn more, you may visit the State Revenue Office website of Victoria or whichever state you wish to apply to.
How We Can Help You
Conveyancing Right offers conveyancing services specially suited for the buying and selling of property. Included in our list of services are dedicated and committed assistance to applications for First Home Owners Grant. Here are some ways that we can help you:
Contract Review
We have a team of contract reviewers that can look over your contracts and obligations. With this, you will understand all the provisions stated in your contract, gain more insights on your contract, find better options, and more.
Process Walkthrough
As you can already tell, there are several processes involved in acquiring the grant. From the application, there are processes you have to go through, paperwork you have to work on, and many other things that are required before your application finally gets approved.
Here at Conveyancing Right, we walk you through those steps one at a time. We wish to extend help to all our clients, so they don’t have to go through the hassle.
Experience Expert Assistance at Conveyancing Right
Lastly, by working with solicitors, you get access to expert legal advice that can speed up the process of getting your First Home Owners Grant. Do consider that the duration and efficiency highly depend on varying factors. Nonetheless, we wish to extend these professional services to you and you can get them today.