First Home Owner Grant Doubled in Victoria

The housing plans are seem to be widening in Australia as government is focusing on providing easy access to homes in terms of financing. The Victorian Government has doubled the grant for first home owners. This increase in grant will provide a lot of relief in buying property. The new grant shall be applicable to all the contracts signed from 1st of July, 2017.

The grant which was previously $10,000 has been increased to $20,000 and is expected to held up to 6,000 first home buyers commencing from 1st of July, 2017. The increased grant will be available to the first home buyers with investment in homes upto $750,000. The grant is an additional investment in Victoria for the next three years. The grant will be applicable between 1 July 2017 to 30 June 2020 and will be given after the analysing the benefit the new property will be giving to the area.

There are five regions in Victoria covering all parts of the state

Barwon South West region

Gippsland region

Grampians region

Hume region

Loddon Mallee region

Victoria’s Regional Cities 

Ballarat regional city

Bendigo regional city

Geelong regional city

Horsham regional city

Latrobe regional city

Mildura regional city

Shepparton regional city

Wangaratta regional city

Warrnambool regional city

Wodonga regional city

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

The grant increase shall benefit the state if more job opportunities get created as a result. Also, it shall be extremely beneficial for international students who generally find it difficult to get an accommodation. Also, on the part of government, the step is great since it allows first homeowners some relief in buying property. Victorian Treasurer Tim Pallas said, “This government’s focus is on helping people buy their first home, not their second, third or fifth. The FHOG (first home owner grant) provides Victorians trying to crack into the property market for the first time with an important boost. We’ve also balanced the market between investors and first home buyers by making the ‘off-the-plan stamp duty concession’ fairer and introducing a land tax on vacant residential properties.” Most people who are looking for homes are in mid 20’s and are living on rentals currently.

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