Buying a house in VIC

Buying a house in VIC – first things you need to know!

Whether it is in Melbourne or a regional area, buying a house in VIC is an exciting step into a new life stage. But it also requires lots of researching and learning about the process, benefits, and possibilities. 

In this blog post, we explain important topics for you to consider before taking the first step towards your property dream.

Who can buy a house in VIC?

Anyone can buy property in Australia; however, only Permanent Residents or Australian Citizens are eligible for government grants. Foreigners and people on temporary visas will have to pay a Foreign National Stamp Duty.

However, if you are on a bridging visa, you might still be eligible, as long as one of the partners in the family unit is a resident or an Australian citizen. In this case, not all banks will accept the visa as per their policy, so we recommend contacting us to help you find the best solution for your case. 

Benefits for first home buyers in VIC

First Home Owner Grant – VIC

The FHOG is available in Victoria to buy or build a new house for the first time and live there for at least six months. It can be a house, a townhouse, an apartment, or a unit, as long as the total amount is $750,000 or less.

In this case, a $10,000 grant is available for properties in the Melbourne region and a $20,000 for Regional Victoria (*only for contracts signed before 30 June 2021).

Stamp duty concessions – VIC

First-time buyers can access full tax concession when purchasing properties up to $600,000 in the State of Victoria, which represents $31,070 in savings. 

There are also some Federal grants you may benefit from when buying a house in VIC for the first time: 

First Home Super Saver Scheme

Allows up to $30,000 in savings by making extra voluntary contributions to your superannuation fund and using it to buy a new property.

First home loan deposit scheme

This scheme allows you to buy or build a new property with only a 5% deposit, without paying the lender mortgage insurance (LMI), once it guarantees 15% of the total amount to the lender. However, it is essential to say that this benefit has only 10,000 places available per financial year and, at the moment, is only available for brand new property under the price threshold of each area. 

If you and your family are planning to buy a house in VIC, please contact us. We will support you every step of the way, understanding your needs to come up with the best mortgage solution for your case.

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