What you need to know about the HomeBuilder and Victorian First Home Owner Grants

Building Development

If you’ve ever dreamed of building a new home, now might be a good time to take the leap with thanks to available Victorian and federal first home owner grants including the HomeBuilder grant.

Australian Government’s new HomeBuilder grant and the First Home Owner grant could help you make the jump to home ownership with a cushioning safety net underneath.

Each state and territory has its own specific grant amounts and conditions, and the full rundown of facts and eligibility can be found on the Victorian Government First Home Owner page.

First Home Owner Victoria facts

Here are a few pieces of information you need to know about the First Home Owners Grant in Victoria and eligibility.

If you are in the market to get your first home or build your first home, you could save plenty thanks to exceptions, concessions and grants towards your property.

Here are the facts:

  • Eligible home owners can receive $10,000 with the First Home Owners Grant in Victoria with regional first home owners receiving $20,000 towards their home.
  • There are concessions for a range of situations including:
    – First Home Buyer duty exemption or concession
    – Off the plan concessions
    – Principle place of residence concession
    – Young farmers exception or concession

All the essential information, including what you are eligible for and what you need to complete for the First Home Owners Grant in Victoria is available here.

What you need to know about the federal HomeBuilder grant

Announced in June 2020, the Home Builder government grants are helping to stimulate the Australian economy and help to generate the building industry during the COVID pandemic.

HomeBuilder is a time-limited, tax-free grant of $25,000 that is designed to complement existing first home buyer grants across the country.

Eligibility criteria states you must:

  • Be a natural person (not a company or trust)
  • Be aged 18 years or older on the contract date.
  • Be an Australian citizen.
  • Be below one of the following two income caps: $125,000 per annum for an individual applicant based on their 2018-19 taxable income or later; or $200,000 per annum for a couple based on their combined 2018-19 taxable income.
  • Enter into a contract from June 4, 2020 up to December 31, 2020 to build a new home as a principal place of residence, where the property value (i.e. house and land) does not exceed $750,000.

If you meet the criteria, both these grants can help you turn your dreams of home ownership into reality – but you’ll need to be quick to take advantage of the time-limited HomeBuilder cash.

If you would like to find out more or discuss your plans for a new custom build in Melbourne, we welcome you to get in contact with the friendly team from Spring Homes today to arrange a discussion and quote.

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