First Home Owners Grant doubled to $20,000 for regional Victorian home buyers

The incentives are going to make it easier for prospective buyers to find the home of their dreams.
The incentives are going to make it easier for prospective buyers to find the home of their dreams.

This is advertiser content from the Victorian Government

First home buyers in regional Victoria are now $20,000 closer to owning their own home thanks in part to a number of policy initiatives in the Victorian Government’s Homes for Victorians package.

From July 1 2017, first home buyers across Victoria are no longer required to pay stamp duty on new or established homes homes valued up to $600,000. 

First home buyers purchasing homes that are valued between $600,000 and $750,000 may also be entitled to discounted rates of stamp duty depending on the total value of the property.

The news is particularly good for first home buyers in regional Victoria who can now also access a $20,000 first home owner’s grant (FHOG), which is double the $10,000 FHOG that city dwellers are entitled to. 

Any newly-built regional house, townhouse, apartment or unit that is valued up to $750,000 will attract the bonus $20,000 FHOG. 

This substantial cost-saving initiative from the state government opens the door for savvy first homebuyers.

Off-the-plan stamp duty concessions for investment properties will be abolished to make it easier for Victorians to enter the housing market.

Off-the-plan stamp duty concessions for investment properties will be abolished to make it easier for Victorians to enter the housing market.

Savvy homebuyers aren’t the only people set to benefit from recent state government tax cuts and incentives. 

The anticipated increase in regional housing activity is expected to bolster regional industries, which may include construction and development, real estate, removalists and appliance sales. 

An increase in regional economic activity creates significant job opportunity across sectors in a state already boasting one of the fastest job growth rates in the country. 

Since the new stamp duty scheme was introduced, Victorian first home owners have made savings of around $37 million.

As of 15 September 2017, 1850 Victorian first home owners paid no stamp duty, while a further 287 concessions were also granted through the scheme

In a move to further level the playing field for Victorians trying to buy their first home, off-the-plan stamp duty concessions for investment properties have also been abolished.

This is advertiser content from the Victorian Government.