Extra Support for Regional First Home Buyers
First home buyers across regional Victoria are getting a welcome boost from the Andrews State Government, who announced this month that they will double the first home buyers grant in regional Victoria, and abolish stamp duty on purchases below $600,000.
“These announcements are a win for first home buyers in Hepburn and Macedon Ranges Shires and a win for local jobs too.” Ms Thomas said.
With negative gearing and capital gains tax concessions, the odds are currently stacked against first home buyers. The Andrews Labor Governments announcements aim to level the playing field, and give first home buyers a chance to get into the market.
From 1 July, 2017 first home buyers will pay zero stamp duty on properties under $600,000 – and they’ll get a concession on homes up to $750,000.
The exemption and concession will apply to both new and established homes, in a move that could help hundreds of people across Hepburn and the Macedon Ranges find their first home. Ms Thomas said, “in the past, if you worked hard and saved enough, you could afford to buy your own home. Now, that’s getting harder and harder.”
In a further move to help first home buyers, the First Home Owner Grant in regional Victoria will also double from $10,000 to $20,000 for newly built homes – which isn’t just great news for first home buyers – it will also provide a huge boost to local jobs.
The grant, increasing from $10,000 to $20,000, will be available to first home buyers building new homes valued up to $750,000. It commences on 1 July and is an additional $50 million investment in regional Victoria over the next three years.
The changes from the Andrews Labor Government will make it easier for young people in Hepburn and the Macedon Ranges to build their first home, as well as boosting local construction jobs and development.
Ms Thomas said “these changes will help first home buyers across the electorate make the ‘Great Australian Dream’ a reality.”