What the FHOG?!
The Victorian Government recently announced a series of initiatives now in effect (July 2017, according to the SRO) that will make home ownership more achievable for first homebuyers.
But what the FHOG does it all mean, anyway?
Our friends at Resolve Finance are here to help; we work closely with them to help first homebuyers get the most home for their money.
Tens of thousands of first home buyers will no longer be forced to pay stamp duty on homes worth up to $600,000, which will save homebuyers up to $25,000.
What exactly is Stamp Duty?
Stamp duty is a tax set by each state or territory government that is imposed the purchase of assets such as real estate, cars and assets that belong to a business.
When you purchase a home you are legally required to pay stamp duty within 30 days of settlement on the property.
The amount of stamp duty you pay will vary depending on the value of the property you intend to buy, and is set by the state/territory government.
Image source: www.theage.com.au
Another exciting is the boost to the FHOG in Regional Victoria, now available to first homebuyers (as of July 1, 2017).
First Home Owners Grant (FHOG) is a government initiative to help first homebuyers into the property market. It’s a genuine, one off grant that never has to be repaid.
The good news doesn’t stop there; from July 1st the First Home Owner Grant in Victoria will double from $10,000 up to $20,000 in Regional Victoria.
The grant increase will apply to regional first home buyers purchasing a new home up to the value of $750,000. To be eligible, your contract must be signed between the 1st of July 2017 and the 30th of June 2020. This initiative does not apply to established homes.
First home buyers of new homes in metropolitan Melbourne will continue to receive the $10,000 FHOG.
Keen to make the most of the Regional FHOG boost? Homebuyers Centre's New Homes Consultants can help you find a block of land to suit your needs (and budget) - just ask!
Subject to Government approval. Lender Terms and conditions apply including FHOG eligibility. All finance services provided by Resolve Finance Australian Credit License 385487.
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