Buying your first home is an exciting milestone, but it can also be a daunting task, rest assured that there is support available to help you every step of the way.

First Home Owner Grant

Homes seem to cost so much more than they did when our parents bought them, though government assistance now is greater than ever. One of the ways the government is helping first home buyers is through the First Homeowner Grant.

If you are buying a new home or building your first home valued up to $750,000 you may be eligible for a one-off payment of $10,000 to help towards the cost of buying or building.

The home must be brand new and never occupied and must not have been previously sold.

First Homebuyer Duty Exemption, Reduction, or Concession

In addition to the First Home Owner Grant, you may be eligible for the First Home Buyer Duty Exemption, Reduction, or Concession.

If your home has a dutiful value of $600,000 or less a first-home buyer will not pay any stamp duty on home purchases.

If the home value exceeds $600,000 but falls below $750,000 you may be eligible to receive the First Home Buyer Duty Concession.

To maintain your eligibility for the exemption or concession you must live in the home for a 12-month period, commencing within 12 months of settlement.

First Homebuyer Fund

If you are an Australian or New Zealand citizen or a permanent resident of Australia and are 18 years or older with a 5% deposit, the Victorian Government could contribute up to 25% of the purchase price of a home in exchange for an equivalent share in the property.

The purchase of vacant land is not eligible, and the purchase price must be $950,000 or below in metropolitan Melbourne or $600,00 or less in regional Victoria.

Over time, those participating in this scheme are required to purchase the Governments share back by refinancing, using their savings, or when the property is sold.

Visit State Revenue Office Victoria website for further details.

Navigating the home-buying process can still be overwhelming, even if it is not your first home. That's why there are free financial services available to help you create a budget and understand the costs involved in buying a home.

How Your Local Real Estate Agent Can Help

At First National Neilson Partners our real estate agents and property professionals located in Narre Warren, Berwick, and Pakenham are a great resource, with a wealth of knowledge about the local market, We can help you find the perfect home for your needs and budget so please reach out for help and advice.

With support available at every step of the way, buying your first home doesn't have to be stressful. Take advantage of the resources available at First National Neilson Partners and start your homeownership journey today.