First Home Owner Grant in Victoria

The first home owner boost will be ending in december. If i buy a land now, am i eligible for the grant ? or do i actually have to start building before december ?

If i purchase a land value at $350,000 and the cost of building is $300,000, am I still eligible for the first home owner bonus which is $11,000 ? I read one of the condition mention that the value of the property must not exceed $600,000. with such condition am i still eligible for the grant ?


Please advise.
 
you have to be under the threshold to get any of the grant otherwise it is looked as "if you can spend above this limit for your 1st home, you are well off to not need the grant" type of thinking! to get the grant you will have to have a foundation down on the land too (date limits are on the state revenue office government website www.sro.vic.gov.au i think)
 
To be eligible for the first home owner bonus in victoria which is $11,000, the cost of the land + the cost of building the house cannot be more then $600,000 ?
 
Wisonlee,

If you have a land contract for $350,000 and a separate building contract for $300,000 you will still be elegible for the full boost as its the value of construction on the building contract that the SRO looks at so the building contract only needs to be below $600,000.

If on the other hand you were to buy an established $650,000 house then you would not be elegible for the full boost.

I guess they are trying to encourage more new construction to stimulate the state economy,

Cheers,
Nathan
 
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