ATTENTION VICTORIAN FIRST HOME BUYERS

Please note that the First Home Owners Grant (FHOG) for first home buyers purchasing established homes in Victoria will cease as of 1st July 2013.

If you sign Contract of Sale before June 30 and settle after July 1 you will be still entitled to:

1) $7,000 FHOG, and

2) 40 per cent stamp duty discount. If you settle before July 1 you will only have 30 per cent discount.

At the same time the Victorian Government has announced an increase to the First Home Owner Grant for people purchasing new homes. From July 1 the grant will be increased from $7,000 to $10,000 for newly constructed homes.

Effective 1st July 2013, the Victorian Government will increase Transfer Stamp Duty concessions for all eligible first home buyers purchasing a property as their principal place of residence (PPR) valued at not more than $600,000 by a further 10 per cent. An eligible purchaser will pay 40 per cent less Transfer Stamp Duty.

To be eligible for the duty reduction, the first home buyer must have received or be entitled to receive the First Home Owner Grant and must also reside in the property for a continuous period of 12 months commencing within 12 months of settlement.

Do you know that you are still eligible for FHOG if you have purchased investment property after 1st of July 2000 but have not lived in that property.

Do you know that some people might be eligible for FHOG after they have been divorced, or became a widow or widower.

For more information please do not hesitate to contact me.