Looking to build your first home? It's beneficial to know what Governement incentives to take advantage of as it will save you money!

You could be eligible to receive the Victorian Government First Home Owner Grant, which gives successful applicants a $10,000^ financial grant to put towards the cost of building their new home.

Your first new home can be a house, townhouse, apartment, unit or similar. A new home can be a home that has been substantially renovated, or a home built to replace  demolished premises. It is not an investment property or a holiday house.

The contract price for the home, must be $750,000 or less. For an off the plan purchase it is the contract price not the dutiable value that must be $750,000 or less. When you sign a contract to build a home it is the contract to build price that must be $750,000 or less.

It is important that you do your own research of the FHOG to find out if you are eligible. Speak to your mortgage broker or your bank as they will be able to give you advice on what Government incentives you may be eligible for.

For more information and to see if you are eligible to receive the grant, see the SRO website here: https://www.sro.vic.gov.au/first-home-owner

Information Source: https://www.sro.vic.gov.au