The housing construction sector is a critical component of the national economy, and both federal and state governments are offering significant incentives to encourage more people to support the sector.
Whether you’re considering buying a home for the first time, or you want to make upgrades to an existing property, you could be eligible for a range of grants or concessions that will save you money on purchasing or building a property. This article provides an overview of available government packages, and how to determine if you’re eligible.
As well as a number of available packages, there are different rules depending on whether you’re a first home buyer or existing owner-occupier, and whether you’re buying in metro Melbourne vs regional Victoria. Be sure to speak to an expert to ensure you get all the support you are entitled to receive.
First Home Owner Grant
If you are buying or building a new home valued up to $750,000, you may be eligible for a First Home Owner Grant (FHOG) of up to $20,000. If you are eligible for the FHOG and the home you are buying is in regional Victoria, you will receive $20,000. If the home is not in regional Victoria, the grant is $10,000. The home must be less than five years old to be eligible for the FHOG.
In June 2020, as part of its economic response to coronavirus, the Australian Government announced its HomeBuilder program. This program 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.
Learn more about the pros and cons of renovating vs rebuilding.
To find out if you’re eligible to save thousands off the cost of a new home, visit these handy resources:
The information contained in this article is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Fairhaven Homes recommends that you consider whether it is appropriate for your circumstances and that you seek independent legal, financial, and taxation advice before acting on any information in this article.