What government grants should I look into when applying for a loan?

Grants vary in each Australian state.

In Victoria, there is a $10,000 First Home Owner Grant (FHOG) when you purchase or build your first home. This goes up to $20,000 if your home is built in regional Victoria and you sign a contract from 1 July 2017 to 30 June 2020.

To get this grant:

• Your first home needs to be valued at $750,000 or less;
• The sale needs to be first sale as residential premises;
• The property must be less than five years old; and
• The property must not be a holiday house or an investment property.

There are a few other requirements. To find out if you’re eligible, take the eligibility test online on the State Revenue Office website.