BARGAIN BASEMENT

A dual occupancy new house construction in Victoria can qualify for grants, but it depends on how the project is structured and who’s applying. Here’s a breakdown:

First Home Owner Grant (FHOG)

Eligibility: You must be buying or building a new home valued up to $750,000 that has never been sold or occupied.

• Amount: $10,000 in metro areas; $20,000 in regional Victoria.
• Dual Occupancy Caveat: If you’re building two dwellings, only one may qualify — and only if it’s your first home and you intend to live in it for at least 12 months A B.

Other Government Schemes

• First Home Guarantee: Allows eligible buyers to purchase with just a 5% deposit without paying Lenders Mortgage Insurance. Now includes joint applicants and even those who haven’t owned property in the last 10 years C.
• Stamp Duty Concessions: If the home is valued under $600,000, you may pay no stamp duty. Between $600,001 and $750,000, a partial concession applies A.
• Victorian Homebuyer Fund: A shared equity scheme where the government contributes up to 25% of the purchase price. You’ll need to buy back their share later, but it helps reduce upfront costs D.

Important Notes for Dual Occupancy

• If you’re building both homes and plan to live in one, you may qualify for FHOG — but not for both dwellings.
• If you’re subdividing, each title must meet eligibility independently.
• Grants are not available for established homes, only new builds or substantial renovations.

This communication requires your own due diligence and professional advice