13/07/2017| Posted by: Richardson Real Estate

First Home Buyers

The new rules, for first home buyers have kicked in on the 1ST of July so before you head out to purchase your first home, here are some essential facts you need to know.

1.       You can receive up to $20,000 with the FOHG

If you are buying or building a new home valued up to $750,000, you may be eligible for a First Home Owner Grant (FHOG). If you are eligible for the FHOG and the home you are buying is in regional Victoria, you will receive $20,000. If the home is not in regional Victoria, the grant is $10,000.  

2.       You pay stamp duty on your purchase

 When you buy your home, you’ll most likely have to pay land transfer duty (otherwise known as stamp duty). How much you pay depends on your property's value, what you're using it for, if you are a foreign purchaser, and whether you are eligible for any exemptions or concessions.

3.       There are exemptions and concessions

You may be eligible for-and receive- more than one exemption, concession or reduction from stamp duty for your property. In Victoria, these include:

·         First-home buyer duty reduction- a one off duty reduction for a Principal Place of Residence valued up to $600,000

·         Off-the-plan concession- a duty concession for an off-the-plan property, either as a land and building package, or as a refurbished lot.

·         Pensioner concession- a one-off duty exemption or concession for a new or established home up to $750,000.

·         Principal place of residence (PPR) concession- a duty concession for when a property you buy, valued up to $550,000, is intended as your primary home.

·         First-home owner with family exemption/concession- a one-off duty exemption or concession for properties valued at $200,000 or less.

·         Young farmers exemption/concession- a one-off duty exemption/concessionfor young farmers buying their first farmland property

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