The First Home Owner Grant (FHOG) in Melbourne is a government initiative specifically designed to support first-time home buyers in entering the property market. Established by the Victorian Government, this scheme provides eligible applicants with a one-off financial grant, currently set at $10,000, when purchasing or building a new home valued under $750,000. The grant is intended to ease the financial burden of buying a first home and to encourage investment in new residential construction.
The FHOG is particularly beneficial for those who may find it challenging to save a substantial deposit, as the grant can be used towards the deposit or to reduce mortgage repayments. By targeting new builds, the grant also helps stimulate the housing industry, providing a boost to developers and construction workers. This focus on new homes is meant to increase the supply of modern, energy-efficient housing options for young families and individuals.
Applicants must meet certain criteria to be eligible for the grant, including being a first-time home buyer, an Australian citizen or permanent resident, and intending to live in the property as their principal place of residence for at least 12 months. The FHOG is administered by the State Revenue Office Victoria, and applications can be submitted through approved lenders or directly to the office.
Helpful links:
https://www.sro.vic.gov.au/first-home-owner/applying-first-home-owner-grant
