Federal First Home Buyer Scheme & Eligibility in Victoria

Here are some quick tips on Federal First Home Buyer Scheme & eligibility in Victoria as at 1/7/24:

• Purchase price cap: $800,000 for Melbourne or Regional Centre.  $650,000 for rest of Victoria.

• Maximum income, up to $125,000 for individuals or $200,000 for joint applicants, as shown on the FY24 Notice of Assessment (issued by the Australian Taxation Office) 

  
  

How much money do I need to contribute if buying in Victoria?

• Minimum deposit 5% plus associated purchase costs:

  • Solicitor/Conveyancing $1,000-$1,500

  • Government transfer fees $1,500 - $2,000

  • Stamp duty exemption for property purchases up to $600,000

  • Stamp duty concession for property purchase $600,001 to $750,000

    
    

For example, on a purchase price of $600,000 in Victoria, minimum funds required to complete the purchase is $32,895

• 5% deposit = $30,000

• Solicitor/Conveyancing approx. $1,250

• Government transfer fees $1645

• Stamp Duty $0

What type of residential property can I purchase?

• an existing house, townhouse or apartment 

• a house and land package 

• land and a separate contract to build a home 

• an off-the-plan apartment or townhouse. 

Here is the link for more information in regard to the scheme:

First Home Guarantee | Housing Australia

This article is intended for informational purposes only and does not constitute legal, tax, or financial advice. Always seek professional counsel tailored to your specific situation. Remember, all loan applications are subject to the lender’s approval and conditions, including fees and charges.