First Home Owner Grant
The First Home Owner Grant is a joint Commonwealth and Victorian Government initiative to help first home buyers get into their first home. In Victoria, the scheme is administered by the State Revenue Office Victoria with the help of a number of banks and lending institutions who are approved agents.
No tax is payable on the First Home Owner Grant, and eligible first home owners can receive the grant regardless of their income, the area they are planning to buy / build or the value of their first home.
The First Home Owner Grant (the grant) scheme was established to encourage and assist home ownership and to offset the effect of the GST on home ownership by providing a grant to first homeowners. The First Home Owner Grant Act 2000(the Act) came into effect on 1 July 2000 and the grant is an on-going scheme with no end date yet specified.
For more information regarding the First Home Owner Grant, click here - State Revenue Office Victoria
Applications and Fact Sheets
You can apply through your financial institution for your First Home Owner Grant, or direct through The State Revenue Office Victoria. In most cases, the team at RCR Finance will look after this whole process for you.
Applications are usually lodged with your chosen Home Loan provider together with your home loan application, to ensure the grant is available for settlement or completion. If you are building your home under a construction contract, payment may be available at the time of the first progress payment to the builder. Applications must be lodged within 12 months of completion or settlement of your new home.
You can print the following application forms and fact sheets:-
To speak with one of our consultants regarding the First Home Owner Grant CLICK HERE
