The first home market in many Victorian suburbs is strong.  This is partly due to the fact that eligible first home buyers in Victoria can access the First Home Buyers Grant of $7,000 for an established property or for vacant land on which to build or a newly constructed property.  

Victoria also offers a First Home Bonus to those buyers purchasing property valued at less than $500,000.  The First Home Bonus gives $3,000 for established homes and $5,000 for a brand new home.  

There are also stamp duty concessions available in Victoria for first homebuyers who have families with dependant children, however you can only claim either the FHB or the stamp duty concessions.  For homes valued at more than $200,000 greater savings come from the FHB.  Information is available about these grants and concessions at http://www.sro.vic.gov.au/sro/SROWebSite.nsf/rebates_fhog.htm

You can ask your mortgage broker to help you apply for the grants and concessions so you don’t have to deal with forms and paperwork.  The process is simple and quick and soon you will be enjoying your first home.

For further advice and assistance with applying for government grants and concessions call and talk to a local mortgage broker on .

Changes to the FHOG
The First Home Owners Grant was increased in 2008 but is now due to be reduced as of 31 December 2009.  The original first home owners grant of $7,000 is still available to eligible first home buyers. 

The grant was boosted by the Federal Government during the global financial crisis to boost the property market but is now winding back to the original $7,000.  The grant is designed to help first home buyer onto the property ladder.

If you would like more information on what you can claim please contact your nearest mortgage broker.