THE COMPLETE GUIDE FOR FIRST HOME BUYERS

Did you know that almost 30% of owner-occupiers purchases are First Home buyers? If you are looking to purchase your first home, then now has never been a better time. That’s because you can secure a significant first home owner grant that can make your first home purchase more affordable than ever. At B3 Finance, we can help you learn everything you need to know about the first home buyer’s grant.

What is the First Home Owner Grant in Australia?

The First Home Buyer’s grant also known as FHOG is a government incentive program that provides financial assistance to first home buyers. This grant is available for newly constructed properties and to be built properties, this includes the cost of the land. Qualifying purchases must be at least 18 years of age, first home buyers with one member of the purchasing couple must be qualified as a permanent resident or citizen of Australia.

Home buyers that are eligible for a First Home Owner Grant can also be eligible for a stamp duty concession on homes or properties whose price falls below a certain threshold.

How does the First Home Owner Grant work?

The First Home Buyer’s grant is designed to help First Home buyer’s construct a house on their land or purchase a house and land package. When you find the property and apply for a loan, the lender or bank can process this form and lodge it to the SRO on your behalf. Once you have been approved for your grant by being provided with a UIN number, the funds depending on the lender can be used towards the settlement of the land as funds to complete or paid at the slab stage of the build.

How much is the First Home Owner Grant?

The maximum First Home Buyers grant in Victoria is $10,000. However, grants can vary in each state. Be aware that there is a maximum value for a home to qualify for the grant. The current home value maximum is $750,000 in Victoria.

If you are in the following categories, then you can potentially qualify for further concessions:

  • Pensioner

  • Off-the-plan buyer

  • Young famer

In order to qualify for the concessions above $600,000, the value of your home must be between $600,001 and $750,000.

Curious about buying your first home? Wondering about deposits, First Home Owners Grant, or repayments? Our expert brokers have answers.

At B3 Finance, we understand the concerns of first-time buyers. You don't need a deposit to start the journey with us. The sooner you reach out, the quicker we can guide you on the path to your first home.

Our commitment is to provide a personalized, empowering experience, ensuring you're informed and confident throughout the process. By intimately understanding your goals, we help you achieve homeownership swiftly.

We take immense pride in being your trusted ally, keeping you informed at every stage. Our aim is to ensure you feel confident and empowered throughout this significant journey.

Through a bespoke solution crafted just for you, we'll align you with the ideal home loan, propelling you onto the property ladder with assurance and ease.

Contact us.

info@b3finance.com.au

0493838474