Your place to call home
With the $20,000 First Home Owner Grant in regional Victoria ending soon, Metricon Homes says now is the time to get into your own home.
As of July 1, 2020, the First Home Owner Grant (FHOG) will be halved to $10,000 for first home buyers who want to purchase or build a new home, valued up to $750,000, in regional Victoria.
According to Metricon, the grant pairs perfectly with their HomeSolution, which has helped more than 1000 Australians move into their first home. Metricon currently has more than 50 customisable designs to choose from that are geared towards helping first home buyers purchase a home they love.
There are certain eligibility criteria first home buyers must meet, and Metricon has highlighted these below to help you on your journey.
This includes, but is not limited to:
- At least one applicant must be an Australian citizen or permanent resident;
- Neither applicant has previously received the grant;
- All applicants must be over 18 years of age;
- The property you are buying meets the criteria set the State Government, specific to regional Victoria;
- Your contract is signed no later than 30 June 2020.
You can also take advantage of the First Home Loan Deposit Scheme (FHLDS), recently introduced by the Federal Government to help eligible first home buyers achieve home ownership sooner. The scheme allows up to 10,000 eligible first home buyers to secure their own home with as little as a 5 per cent deposit without needing to take out lenders mortgage insurance (LMI).
Instead, the Government will act as a guarantor for the difference between what the first home buyer has saved and the 20 per cent deposit threshold lenders typically require before they will provide a loan without LMI.
It is available for the purchase of a home, or the purchase of land and construction of a home, worth up to $375,000 in most of regional Victoria, and can be used in conjunction with the grant and stamp duty concessions.
"With these incentives on offer, there is no better time for first home buyers in regional Victoria," Metricon's Regional North manager Tania Tonks said.
