First Home Owner Grant dou­bled in re­gional Vic­to­ria

Warragul & Drouin Gazette - - LOCAL LIVING -

The First Home Owner Grant has dou­bled in re­gional Vic­to­ria, help­ing thousands of Vic­to­ri­ans buy their first home.

Ex­pected to help up to 6,000 first home buy­ers, the Grant in­creased from $10,000 to $20,000 as of 1 July 2017.

The changes from the An­drews La­bor Govern­ment have made 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.

The in­creased grant is avail­able to first home buy­ers build­ing new homes val­ued up to $750,000, and is an ad­di­tional $50 mil­lion in­vest­ment in re­gional Vic­to­ria over the next three years.

At the same time, the La­bor Govern­ment is work­ing to make sure peo­ple in re­gional Vic­to­ria have the same op­por­tu­ni­ties as those in met­ro­pol­i­tan Mel­bourne, un­der­lined by the 2016/17 Vic­to­rian Bud­get, which de­liv­ered the high­est re­gional in­fra­struc­ture in­vest­ment on record. That in­cludes in­vest­ing in more re­li­able and fre­quent pub­lic trans­port, safer roads, bet­ter schools and hos­pi­tals and cre­at­ing more lo­cal jobs.

The grant is ap­pli­ca­ble to con­tracts signed from 1 July 2017 to 30 June 2020, at which time, the Govern­ment will re­view the ben­e­fits for first home buy­ers and busi­nesses in re­gional Vic­to­ria.

Es­tab­lished home buy­ers are not el­i­gi­ble to re­ceive the First Home Owner Grant. How­ever, if they are buy­ing an es­tab­lished home as their first home and they meet the First Home Owner Grant el­i­gi­bil­ity cri­te­ria (but for the fact that it is not a newly built home), they will be ex­empt from pay­ing stamp duty al­to­gether (for homes val­ued at $600,000 or less), or they will re­ceive a stamp duty con­ces­sion (for homes val­ued at $600,001 up to $750,000) where the con­tract is en­tered into on or af­ter 1 July 2017. This stamp duty ex­emp­tion and con­ces­sion is also avail­able to those first home buy­ers who buy a newly built home and re­ceive the $20,000 First Home Owner Grant.

Vic­to­rian Premier Daniel An­drews said “This is a win for first home buy­ers in re­gional Vic­to­ria, and it’s a win for lo­cal jobs too. By dou­bling this grant, we’re giv­ing young peo­ple in re­gional Vic­to­ria even more rea­son to live lo­cally. 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” said Mr An­drews.

Vic­to­rian Premier Daniel An­drews wants to help young peo­ple in re­gional Vic­to­ria build and live in their own com­mu­nity.

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