Incentives: Government Grants and Concessions
HomeBuilder Grant
HomeBuilder provides eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home. HomeBuilder will assist the residential construction market by encouraging the commencement of new home builds and renovations.
You will be able to apply for HomeBuilder when the relevant State or Territory Government that you live in, or plan to live in, signs the National Partnership Agreement with the Commonwealth Government.
More details here.
First home owner grant (FHOG)
A $10,000 First Home Owner Grant (FHOG) is available when you buy or build your first new home.
The FHOG is $20,000 for new homes built in regional Victoria, for contracts signed from 1 July 2017 to 30 June 2021.
Your first home can be a house, townhouse, apartment, unit or similar but it must be valued at $750,000 or less, be the first sale of the property as residential premises and the home must be less than five years old.
More details here.
First home buyer duty exemption, concession or reduction
When you buy your first home and the contract date is on or after 1 July 2017, you may be eligible for a duty exemption or concession. If your contract is dated before 1 July 2017, you may be eligible for a 50% duty reduction.
Both the duty exemption and the 50% duty reduction are available to first home buyers when they purchase a new or established property in Victoria with a dutiable value up to $600,000. The duty concession applies where the dutiable value is more than $600,000 but not more than $750,000.
More details here.
