Embarking on the journey to buy your first home is a huge milestone for any person. It marks the realisation of the great dream and can be a daunting experience, especially in Melbourne with its high property prices. Luckily, the Government recognises this and has introduced many incentives to help people buy their first property.
How long does conveyancing take?
One of these is the First Home Buyer Grant (FHOG) which provides a grant of up to $10,000 for new or established residential properties valued at $750,000 or less in the metropolitan area of Victoria. This is a fantastic incentive to help get people into their first homes and can be a huge financial benefit for those purchasing off-the-plan property as they are often exempt from stamp duty.
The FHOG does have some strict criteria that must be met in order to be eligible so it is best to speak with a mortgage broker before starting your property search as they can open you up to all the current options available and assess your eligibility. They can also advise on the required deposits, loan types and interest rates that you may be able to qualify for.
As with any large property transaction, it is important to choose a conveyancer with local expertise in the Melbourne market. This will ensure they have a deep understanding of the property buying process, including any unique aspects of the Melbourne property market. They will be able to provide you with advice that is specific to your situation and assist you to complete the transaction as quickly and efficiently as possible.