The Place to be: Victoria and its First Home Owner Mortgage
Victoria is the smallest state in Australia, but it's proud to be called "The Place to Be," and this state's motto of "Peace and Prosperity" simply proves that Victoria truly is a one of a kind place. Victoria may be small in size, but it's actually one of the most populated areas in the country. People continue to flock to Victoria because of the exciting urban lifestyle that it promises.
If you're interested in moving to Victoria and building a home here, then you should be advised about the First Home Owner Mortgage Loan Act of 2000. According to this law, first time home buyers get an amount of $7000 if they meet the government's qualifications. This amount was determined to so that buyers will be relieved of the effects of the high home ownership tax.
Only Australian citizens and permanent residents may receive this mortgage. You must also be 18 years or older, and you must show a contract that will prove that you are intent on building or purchasing a home. The condition that the state gives is that you must not own any piece of property after the date of July 1, 2000. In addition, you must also reside in your home for a minimum of 6 straight months, and this period must be within the year after your house has been completed or purchased.
These are just some of the basic guidelines of the First Home Owner Mortgage Loan, and to learn more about this, you must consult with the State Revenue Office or its approved agents.
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