As a first home buyer there are many benefits to building a new home over buying an established home. You get a brand new home with your choice of fixtures, finishes, facade and floor plan and you may be eligible for the First Home Owners Grant (FHOG), an Australian Government initiative that assists people buying their first home by providing a lump-sum payment to help with stamp duty costs and legal fees. The amount of the grant depends on the state you live in and your eligibility.
Visit www.sro.vic.gov.au for more information.
You also may be eligible for concessions on the stamp duty for your new home and land. These are calculated based on the value of your home or property if you build on vacant land. To find more information about your stamp duty savings, visit www.firsthome.gov.au
Payments are made in stages throughout the process so you do not need to come up with all the money upfront.
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