First Home Owner Grant stays firm for another financial year
In a welcome move, the Victorian Government has announced that the First Home Owner Grant (FHOG) has been extended until 30 June, 2012.
The new financial year’s budget provides enough funding to maintain the current allowance as already set out, to help first home buyers achieve an affordable new home reality.
And in extra good news for all home owners and potential buyers, the RBA has left interest rates on hold again, but with speculation about a rate rise in the future to steady inflation – now could be your time to make a move!
For homes valued up to $750,000, eligible first home buyers will receive the First Home Owner Grant of $7000 plus, those building a newly constructed home in metropolitan Melbourne will receive an additional $13,000 First Home Bonus (for homes values up to $600,000).
First home buyers building a newly constructed home in regional areas will receive a First Home Bonus of $19,500.
This means that if you’re a first home buyer, you will receive a whopping $20,000 First Home Owner Grant to put towards your newly constructed home in metropolitan Melbourne.
What’s considered metropolitan Melbourne?
- Most popular estates around Melbourne are considered as metropolitan including Marriott Waters, Highlands, Eucalypt, Kingsford, Saltwater Coast Estate and so many more!
- Geelong is considered regional so homes in the Estuary, Leopold, would qualify for the larger grant.
Qualifying for the grant is easy.
- Organise your finance: Either pre-approval or let Choice Home Loans arrange it for you (at no cost)
- Visit a display home: speak to a consultant and choose your design or select your house and land package (and then decide on your various inclusions/upgrades)
- Pay your deposit: secure current pricing, promotion and to guarantee your site start
- Visit the colour selection centre: choose your colours, finishes, fixtures and electrical
Now you can sign your building contract because it includes all your personal variations and upgrades and then you can apply for the FHOG.
Don’t stress about applying for the FHOG as your qualified mortgage broker or lender will be able to help with this.
To find out what your options are, you can speak to a Choice Home Loans consultant in one of display homes, or visit the State Revenue Office of Victoria website – www.sro.vic.gov.au