The Andrews Labor Government is making it easier and fairer for Victorians to build their own home, with the Homes for Victorians package helping hundreds of people across regional Victoria in only the first six months of the package.
As of 1 July 2017, the First Home Owner Grant – which applies to all new homes – was doubled in regional Victoria from $10,000 to $20,000, helping hundreds of Victorians build their first home.
In the first six months, it has helped with the purchase of more than 900 homes across regional Victoria. The City of Greater Geelong (138), City of Greater Bendigo (100) and City of Ballarat (104) in particular were popular destinations.
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 1 July and 31 December 2017, more than 9,700 first home buyers across the state paid no stamp duty, while another two thousand paid reduced stamp duty, representing a saving of $212 million for first home buyers.
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.
The grant will be applicable to contracts signed from 1 July 2017 to 30 June 2020.
Quotes attributable to Acting Minister for Regional Development Ben Carroll
“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.”
Quotes attributable to Member for Macedon Mary-Anne Thomas
“These fantastic grants are a great incentive to not just keep young people living and working in rural Victoria, but to bring new people to our thriving communities.”
“It is every young person’s dream to own their own home, and the Andrews Labor Government is making that dream a reality for thousands of young people across regional Victoria.”