First homebuyer grant changes in Victoria

First homebuyer grant changes in Victoria

Posted on Monday, April 29 2013 at 1:52 PM

Grants for first homebuyers purchasing an existing property will be scrapped in Victoria to fund extra support for those buying a new house or apartment.

From July 1 this year, the First Home Owner
Grant (FHOG) for newly constructed dwellings valued up to $750,000 will
increase from $7000 to $10,000.

It includes properties built under a home
building contract, built by an owner-builder, purchased off the plan or sold
for the first time as a residential premise.

The Victorian Government will also bring
forward stamp duty discounts of 40 per cent for all first homeowners, taking
effect from July 1.

Treasurer Michael O’Brien announced the
changes yesterday and says the move is designed to help young people into their
first homes sooner.

Additionally, the government hopes to
support the housing construction sector.

However, O’Brien admits the increased
grants and fast-tracked stamp duty concessions will come at the expense of
support for buyers of established dwellings.

The current $7000 FHOG for existing
properties will end on June 30, he says. That brings Victoria into line with
Queensland, New South Wales and South Australia.

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