Are you or your family members entitled to the First Home Buyers Grant?

 

Most people are of the understanding that the First Home Buyers Grant is a $10,000 grant for Melbourne metropolitan or a $20,000 grant for regional Victoria and that it is given when building your first home, not for established homes.

It has come to my attention over the past six months that not all first home buyers are fully aware of what they are entitled to and as it is so difficult for first home buyers to enter the market I hope this reaches as many people as possible to assist them.

This knowledge came about after selling an established home that was under five years old to a first home buyer and the legal representative of that client brought to my attention they were entitled to this $10,000 grant as the home was less than five years old and not previously sold.


I have since sold other properties for under $600,000 to first home buyers who did not realise they were entitled to this grant as the homes were established and upon advising them they then proceeded to claim this grant, which is very significant to any first home buyer.


The Goods and Services Act defines a new home as less than five years old and this is where the connection comes from.
This information can be found under;
1. State revenue website (link attached)
2. Applying for your first home buyers grant
3. Paragraph 3.

First Home Buyer Grant Entitlements


Your first home can be a house, townhouse, apartment, unit or similar but it must be valued at $750,000 or less, be the first sale of the property as residential premises and the home must be less than five years old.
First Home Buyer Grant entitlement

The vendor of the home must sign a statutory declaration stating that the home is less than five years old and being sold for the first time. Of those that I have sold in the past six months all of the vendors have been happy to accommodate this.