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.
Posted on: Thu, 27 Jun 2013 01:50:55 +0000
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