First Home Owner Grant doubled in regional Victoria
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.