Hey guys I am 20 yrs old and looking to buy my first home in Melbourne, my question was what is the current "first home owners grant" have to offer? is it different for every state? Will the FHOG change under the new government?, Should I take advantages of the FHOG now or should I wait? sorry for all these questions I am new to property and thought I would start somewhere, appreciate all answers thank you.
Matt
Hi Matt
It's a federal grant administered by the states. The states decide on how they administer it – so the polices vary. Generally though, there's been a push towards providing the grant to new properties only.
There's different stamp duty incentives across the different jurisdictions too.
Most state govts regularly review and alter their policies to suit their requirements at the time – which can catch people out.
Best to consult with the office of state revenue.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Matt,
For Victoria as of 1st July this year, the First Home Owners Grant (increased to $10K) is only available for properties that are purchased brand new (never been lived in before) or that will be newly built. It is no longer available for old established properties.
There is also a stamp duty discount of 40% that applies to first home buyers which is applicable to all purchases whether they be new or established.
Cheers
Tom
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