No Deposit First Homes – Buying Your First Home in Victoria Just Became Much Easier
For many Victorians, entering the housing market can seem a very daunting task. This is hardly surprising, as day after day, news headlines are flooded by the “housing crisis”. Fortunately, though, the Federal government has stepped in to make housing affordability much easier for Victorians.
To improve housing affordability for first home buyers, the Victorian government has recently announced an exciting initiative for first home buyers – the $20,000 First Home Buyers Grant (FHOG).
Since 2013, the Federal government has attempted to give first home buyers a leg up when entering the extremely competitive Australian housing market. Previously, the well-publicised First Home Buyers Grant has been capped at $10,000. And, as many first home buyers can attest, this is not quite enough to help them with their home deposit.
Therefore, to encourage more first home buyers to enter the housing market, the Federal government has increased the FHOG to $20,000. This generous incentive applies to all first home buyers who buy or build a new home valued up to $750,000.
This new, increased FHOG payment of $20,000 applies to all first home buyers who buy or build their first home (valued up to $750,000) in regional Victoria. According to FHOG guidelines, a new home can be a house, townhouse, unit, apartment or similar, and must be sold for the first time as a residential premises.
To be eligible for the increased FHOG payment, you must build or purchase any of the following:
A newly built home
An existing property which is being sold for the first time as a residential premises
A land and building package, or;
Vacant land on which you plan to build a new home.
For more information on whether you are eligible to receive the $20,000 FHOG payment, or if you are ready to purchase your first home, simply call or email the friendly team at No Deposit First Homes today.