Your new home can be a house, townhouse, apartment, unit or the like, but it should be priced at $750,000 or less and be the first sale of property as a residence.
The first real estate developers in the Victoria region may be eligible for $ 20,000, up from $ 10,000 for new homes valued at up to $ 750,000 if you sign a contract between July 1, 2017 and June 30, 2021. of the region with the aim of attracting more young buyers to the regions and addressing the housing crisis in the capital.
You are not eligible for FHOG if you or your spouse / partner already has it:
- FHOG found in Australia
- Owned a home in Australia, jointly or separately
- These methods apply even if your spouse / partner is not your FHOG applicant.
All FHOG applicants must be at least 18 years of age at the time of residence or completion (although there is an understanding of this age requirement).
You (or at least one applicant) must be an Australian citizen or permanent resident at the time of settling or completing home construction.
You (or at least one applicant) should aim to stay at home as your primary residence for at least 12 months, starting within 12 months of living or completing construction.
Eligible Australians can now receive $ 15,000 in grants to build their new home, or to upgrade their existing property under the new First Home buyers in VIC, HomeBuilder Government program.
The promoter is designed to help early home buyers enter the real estate market, help former aspirants to enter the real estate market, and help the residential construction industry recover from the COVID-19 epidemic.
HomeBuilder can be used in conjunction with existing Home and District Homeowner Program programs, stamp agreements and other grant schemes.
To qualify for the HomeBuilder grant you must:
- Be personal (not a company or trust)
- Be over 18 years of age or older
- Become an Australian citizen
- Build a new home (does not have to be your first home) as a homeowner or renovate your existing home
- Between two earnings – a person earning less than $ 125,000 per year or a couple earning less than $ 200,000 combined annually
- Renovate your existing main residence provided that it is valued at less than $ 1.5 million prior to renovation
The following conditions apply:
- Construction must begin within six months from the date of the contract
- The construction work must be completed by a licensed construction contractor, the contractor cannot be a relative of the property owner
- Repairs can be a combination of functions including kitchen, bathroom etc.
- The renovation should improve accessibility, security and home stay
- Repairs do not include swimming pools, tennis courts, outdoor spas and saunas, sheds or garages
- Owners and individuals wishing to build a new home or renovate an existing home as an investment property are not permitted