First Home Owners Grant Victoria
The State Government of Victoria, Australia wants to help first time homeowners buy their first new home offering them a First Home Owners Grant Victoria for anyone buying a new home between July 1, 2017 to June 30, 2021.
Under this scheme you can purchase a new house, townhouse, apartment or even unit valued at $750,000 or less, as long as the home you are purchasing is less than 5 years old and the property is being sold for the first time.
Why You May be Ineligible for The First Home Owners Grant Victoria
When considering a First Home Owners Grant Vic you need to understand when you may or may not qualify. Here are some reasons why you may be ineligible for this grant.
- You have already received a First Home Owners Grant in Australia previously.
- You have owned a home or other residential property in Australia either by yourself or with others prior to July 1, 2000.
- You have either owned or co-owned a home that you occupied for at least 6 months continuously.
Basic Requirements for the First Home Owners Grant Vic
There are some basic requirements that you must fulfill in order to get the First Home Owners Grant Victoria. These requirements include:
- You must be 18 years old or older
- The home you are buying must be your principal residence for at least 12 months starting within 12 months of the settlement or when construction of the home is completed.
- In the case of a newly purchased home you must be a resident of Australia at the date, which you are entitled to possess the home under the contract.
- If you entered into a building contract you must be a resident on the date that your new home build is ready for occupation.
New Zealanders who hold a Visa under s32 of the Migration act of 1958 and anyone with a permanent Visa under s 30(1) are considered to be permanent residents under the First Home Owners Grant Victoria.
New Zealanders qualify for the First Home Owners Grant must be living in Australia when the transaction is completed.
Repayment of Grant
You do not have to repay the First Home Owners Grant unless it is later found that you actually failed to meet the criteria set forth by the State Government.
If you are deliberately dishonest on your paperwork or when applying for the loan you can also face stiff penalties for dishonesty.
When applying for a loan for your new home talk to your bank about organising and processing your First Home Owners Grant. In most cases, the bank can and will handle the grant application for you and can give you a list of all of the other paperwork you will need in order to get your grant approved without delay.
Make sure that you do all the research necessary to ensure that you are eligible for the First Home Owners Grant before applying.