New First Home Owners Grant
The recent changes to the Victoria First Home Owners Grant have resulted in a new Victorian State Revenue Office application form for the First Home Owners Grant.
For contracts entered into on or after 1 July 2013 to build or purchase a new home, a payment of up to $10,000 is available for eligible first home buyers. For contracts entered into prior to 1 July 2013, a payment of up to $7000 is payable to eligible first home buyers.
The new form is to be used by First Home Buyers whose purchase contracts are dated from Monday 1 July 2013.
There is also a change to the residency requirement:
The residency requirement has been increased from 6 months to 12 months.
Question 6 in the eligibility checklist of the new application form states:
"At least one applicant must occupy the home as their principal place of residency for a continuous period of at least 12 months commencing within 12 months of completion of the eligible transaction".
For all contracts dated on or before 30 June 2013, the old version of the First Home Owner Grant application form will still apply.
Need to know more?
Ph 1300 577 233