What Do I Need To Know About The Victorian First Home Owners Grant?
The Victorian First Home Owners Grant (FHOG) is a hugely helpful initiative designed to ease the financial burden on people buying or building their very first home. Eligibility for the grant depends on a number of factors and is payable at varying rates.
So, am I eligible?
Have you purchased a house, flat, unit, townhouse, apartment or transportable home relocated onto land you currently own in Victoria, to live in as your primary place of residence? Then YES! You’re totally eligible!
Eligibility, however, is contingent on having entered into a sale contract for the purchase of a new, established or off the plan home in Victoria, a contract to have a home built on your own land in Victoria, or, in the instance of those talented owner builders, have begun building (laying of foundations) a property on your own land in Victoria.
But let’s not be cheeky about this, you, your spouse or partner (if co-applicants), must not have already received a grant elsewhere in Australia or owned residential property together, separately or with someone else, prior to July 2000, in any other State or Territory – that’s kind of like double dipping, isn’t it?
Also, sorry, but you can’t have lived in a property continuously for least 6 months, in which you had a financial interest, on or after 1 July 2000 in any Australian State or Territory.
No robots need apply. You have to be an individual person (not a company entity) and be a permanent Australian resident or citizen at least 18 years of age at settlement or completion of construction.
And fairs, fair – you, or at least one co-applicant, need to be living in the home as your main place of residence continuously for at least 6 month, from 12 months of either settlement or construction completion.
But When Will They Show Me The Money?
Well, payment of the FHOG will depend on the actual transaction type.
If you purchased a new, established or off the plan home and applied through an Approved Agent (a home loan provider), payment will be made at the time of settlement by your provider. If you apply directly through the State Revenue Office (SRO), payment will be made to your nominated account within 14 days of lodging an application, which will only be considered after settlement.
If you have a contract to build, an Approved Agent will make a payment at date of first progressive payment, or the SRO will pay into your nominated account within 14 days of lodging an application, which will only be considered after issue of the Certificate of Occupancy.
As an Owner Builder, an Approved Agent will pay on receipt of Certificate of Occupancy, or the SRO will pay into your nominated account within 14 days of lodging an application, which will only be considered after issue of the Certificate of Occupancy.
If you have a Terms Contract, the SRO will pay into your nominated account within 14 days of lodging an application, but an application will only be considered after providing proof of possession.
How do I apply?
It’s easy as pie! Lodge the application yourself, along with the relevant supporting documentation, through the Victorian State authority or easier still, just get your home loan provider to do it for you. Simples!
Application form: https://www.sro.vic.gov.au/node/181