Incentives to Buy Your First Property
If you live in Victoria there are some really good incentives to buy a place in the country. The excerpt below is taken from the Victorian Government website. It may well be a deciding factor in determining whether or not to embark on the big challenge of buying your own home.
Before you buy your first home, here are some essential facts you need to know.
1. You can receive up to $20,000 with the FHOG ( First Home Owners Grant)
If you are buying or building a new home valued up to $750,000, you may be eligible for a First Home Owners 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 exemption or concession – a one-off duty exemption for a PPR valued up to $600,000, or a concession for a PPR with a dutiable value from $600,001 to $750,000
- 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 valued 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 farmer’s exemption/concession – a one-off duty exemption/concession for young farmers buying their first farmland property
This is an amazing opportunity for first home buyers so borrow secure your deposit, borrow from your folks or the bank and grab a hold of this chance to get a kick start into property in rural Victoria.
It is good living in the country as I have explained in other pages. There are many different avenues of employment and the social structure in the country ensures you are really integrated into the local community.
Its a wonderful place to raise children and you don’t ever have to waste hours in congested traffic.
You can take up an online job and earn money from your home.