Would you like to pocket $20,000?

For the next two years, first home owners have the opportunity to access a massive $20,000 grant from the Victorian Government. Here’s how.

With property in Melbourne having clocked double digit value increases over the past 5 years, affordability in the city is concerning. For many first home buyers saving for a 20% deposit, a property purchase may simply be out of reach.

In an effort to alleviate this, the government wants to encourage housing supply in regional areas. As a result, first home buyers can currently access a $20,000 grant to assist them with a property purchase in regional Victoria.

There are a number of caveats of course. You can’t have owned property before, and you must be over 18 and an Australian citizen or permanent resident.

Secondly, the property must be brand new, a land and building package or vacant land on which you will build a new home.

The home must be valued at or below $750,000 and you must occupy it for at least 12 months, commencing within 12 months of settlement or completion of construction.

Finally, the contract must be signed between 1 July 2017 and 30 June 2020, with construction for a new home starting before June 30, 2020.

Your application to access this grant is usually prepared and submitted at the same time as you apply for your loan.

Local expert Michael Slaughter, is highly experienced in assisting first home buyers and can assist you with your FHOG application as well as arrange a great deal on your home loan. You can contact Michael on 0490 451 698 or drop into 1/149 Princes Way, Drouin.