4 tips to get the most out of the Government Grants.

Buying your first home is a huge milestone! To help you get there sooner, government incentives can boost you through the process. Keep reading to learn how you can use them to your advantage.

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1. First Home Owner Grant (FHOG)

This is the one you will be most familiar with and for good reason - it’s one of the most substantial benefits for first home buyers in Victoria. Currently, you can receive $10,000 through the FHOG when buying or building a new home under $750,000, which definitely takes the edge off. There are a couple of boxes to check to make sure you're eligible be sure to check out sro.vic.gov.au/first-home-owner to check the eligibility criteria.

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2. Stamp Duty Concessions

Stamp duty is a government tax that is applied when buying or building a new home. As a first home buyer, you may be eligible for stamp duty exemptions (you pay no stamp duty) or concessions (a discount on stamp duty relative to the value of your home). These concessions can mean significant savings that are far better spent on new furniture to fit out your new home so remember to keep this in mind as you work through the budget for your new home. You can learn more about stamp duty concessions in Victoria at sro.vic.gov.au/fhbduty.

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3. Research - knowledge is power!

Building your new home is a big deal so it’s important to take your time to do the research. For example, government incentives to help you get into your new home are dependent on contract value, so make sure to understand how your budget will impact your eligibility. Location can also impact what grants are available to you so you may want to consider this when choosing your new homesite - if you’re building in regional Victoria you may be eligible for a reduced deposit as low as 5% with no lenders mortgage insurance (LMI). Researching early on will help you understand how you can use your available tools to their full potential.

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4. Seek professional advice

There's a lot of detail involved in purchasing a new home and having someone to guide you through the process can help the whole journey feel less daunting. Consider seeking guidance from financial advisors, mortgage brokers and New Home Specialists who can help you navigate the process. Together, they can provide valuable insights and help you understand the complexities of the market to ensure you are making informed decisions and getting the most out of the government incentives available.

Buying your first home in Victoria is a huge achievement and these grants and benefits are there to assist you. To make the most of these opportunities, it's essential to understand all the nitty gritty details. By researching, planning, and seeking professional guidance when needed, you can maximize the first home owner benefits in Victoria and embark on your homeownership journey with confidence.

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