First Home Owner Grant Doubled For Regional Victorians

First Home Owner Grant Doubled For Regional Victorians

Acting Victoria Minister for Regional Development Ben Carroll

Helping Regional Victorians Build Their First Home

Victor P Taffa

Andrews Government is making it easier and fairer for Victorians to build their own home, with the Homes for Victorians package helping hundreds of people across regional Victoria in only the first 6 months of the package.

“By doubling this grant, we’re giving young people in regional Victoria even more reason to live locally making it easier for them to build their first home.” Acting Minister for Regional Development Ben Carroll said.

“Importantly, we’re not making these changes in isolation. As our regional communities grow, we’re also investing in public transport, local roads, and the schools and hospitals they need.”

As of 1 July 2017, the First Home Owner Grant which applies to all new homes was doubled in regional Victoria from $10,000 to $20,000 helping hundreds of Victorians build their first home.

In the first six months, it has helped with the purchase of more than 900 homes across regional Victoria. The City of Greater Geelong (138), City of Greater Bendigo (100) and City of Ballarat (104) in particular were popular destinations.

Homes for Victorians package also abolished stamp duty for first home buyers purchasing new and existing homes up to $600,000, and discounted stamp duty up to $750,000.

In the 6-month period between 1 July and 31 December 2017, more than 9,700 first home buyers across the state paid no stamp duty, while another 2,000 paid reduced stamp duty, representing a saving of $212 Million for first home buyers.

Changes from the State Government are making it easier for young people in regional Victoria to build and live in their own community, as well as boosting local construction jobs and development.

“These fantastic grants are a great incentive to not just keep young people living and working in rural Victoria, but to bring new people to our thriving communities.” Member for Macedon Mary-Anne Thomas said.

Increased grant is available to first home buyers building new homes valued up to $750,000.

Grant will be applicable to contracts signed from 1 July 2017 to 30 June 2020.