If you’re a first home buyer in Victoria, you’ve probably heard the State Government announcements about the latest increased grants for regional homes and abolished stamp duty tax. According to our Managing Director, John Doulgeridis, ‘It is certainly a big boost for those wanting to embark on the home ownership journey’.
The Homes for Victorians – Affordable Housing Strategy has been created to help first time buyers in regional Victoria to build in their own communities, which in turn boosts the local construction industry through employment and activity.
The highlights of this program* are:
- The First Home Owner Grant (FHOG) will increase from $10,000 to $20,000 for new homes built in regional Victoria up to the value of $750,000, for contracts signed from July 1, 2017 to June 30 2020.
- From 1 July 2017, first home buyers will be exempt from paying stamp duty on property purchases valued below $600,000, with a sliding scale for purchases above $600,000.
Regional Build zones include the increasingly popular areas of Beveridge and Wallan in the North and Geelong on the West Coast.
The increase in the First Home Owners Grant could remove the deposit and savings history obstacle that many first time buyers are faced with, as some banks will allow the grant to be used as a deposit and evidence of savings (please check with your lender).
While the new grant and stamp duty conditions are valid for contracts signed after 1 July 2017, many of our customers are choosing to place a deposit straight away, to lock in their home pricing, take advantage of current promotions, and be ready to sign their contracts in July.
Explore our EasyLiving home and land packages in Geelong under $600,000 today: Find packages now.
*Refer sro.vic.gov.au for eligibility criteria
