THE Homes for Victorians package has helped hundreds of people across regional Victoria to build their first home in only the first six months of the package.
As of July 1, 2017, the First Home Owner Grant – which applies to all new homes – was doubled in regional Victoria from $10,000 to $20,000.
The 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 six-month period between July 1 and December 31, more than 9700 first home buyers across the state paid no stamp duty, while another 2000 paid reduced stamp duty, representing a saving of $212 million for first home buyers.
Acting Minister for Regional Development Ben Carroll said the changes from the Labor 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.
The increased grant is available to first home buyers building new homes valued up to $750,000.
“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.”
“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.”
The grant will be applicable to contracts signed from July 1, 2017 to June 30, 2020.