What News

The one thing you can count on in the financial industry is CHANGE! With so many products, a highly competitive market, political issues, interest rate movements and so very much more, nothing ever seems to stay the same for long. To ensure that you stay up to date you need to be contacted at regular stages throughout your loan term. At Sharp  Home Loans, we like to keep in contact with our clients every 60 days ensuring they are kept up to date with what’s happening and how it is or might affect their loan. Just because we have completed your home loan, that doesn’t mean we are finished with you! We like to look at this being the start of a long and very successful financial relationship. Your financial needs and wants never stop so we are there for you throughout your journey.

Some significant changes you should know

*banks move independently of RBA

Double the First Home Owner Grant for regional Victoria

About the initiative

For contracts signed between 1 July 2017 and 30 June 2020, the First Home Owner Grant (FHOG) for regional new home purchases will double to $20,000. The increase will help first home buyers to purchase in their local community and will help support construction and employment.

How will it work?

FHOG is currently a $10,000 grant for first home buyers that purchase new homes throughout Victoria. This initiative increases the FHOG to $20,000 for regional new home purchases.

First home buyers of new homes in metropolitan Melbourne will continue to receive the $10,000 FHOG.

As with the current arrangements, the FHOG will only be available to purchases valued up to $750,000.

The increased FHOG will be applicable to contracts signed from 1 July 2017 to 30 June 2020, at which time, the Government will assess the impact of the policy on first home buyers and construction in regional area.

Who will qualify?

• The increased FHOG will be available for regional first home buyer purchasers of new homes valued up to $750,000.
• The purchaser and the purchaser’s partner must be first home buyers, consistent with the definition under the First Home Owner Grant Act 2000.
• The purchased property must be used as the purchaser(s)’s primary place of residence for a continuous period of 12 months, commencing within 12 months of possession of the purchased property.
• Prospective first home buyers can contact the State Revenue Office on 13 21 61 to find out more about their eligibility.
• The list of regional local councils where first home buyer purchases are eligible for the $20,000 FHOG is provided in Table 1, below.

Table 1: regional councils where first home buyers will qualify for the $20,000 FHOG