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Great opportunity for first home buyers in 2017

First home owners grants from $10k to $20k for new regional homes

First Home Buyers Regional Map 2017

New stamp duty measures for first-home buyers

The Victorian Government has announced that it intends to increase the First Home Owner Grant (FHOG) from $10,000 to $20,000 for new homes built in regional Victoria and valued up to $750,000.

This will apply for contracts signed from 1 July 2017 to 30 June 2020.

Double the First Home Owner Grant for regional Victoria

For contracts signed between 1 July 2017 and 30 June 2020, the First Home Owner Grant (FHOG) for regional new home purchases will double to $20,000. The increase will help first home buyers to purchase in their local community and will help support construction and employment.

How will it work?

FHOG is currently a $10,000 grant for first home buyers that purchase new homes throughout Victoria. This initiative increases the FHOG to $20,000 for regional new home purchases.

First home buyers of new homes in metropolitan Melbourne will continue to receive the $10,000 FHOG.

As with the current arrangements, the FHOG will only be available to purchases valued up to $750,000.

The increased FHOG will be applicable to contracts signed from 1 July 2017 to 30 June 2020, at which time, the Government will assess the impact of the policy on first home buyers and construction in regional area.

Who will qualify?

  • The increased FHOG will be available for regional first home buyer purchasers of new homes valued up to $750,000.
  • The purchaser and the purchaser’s partner must be first home buyers, consistent with the definition under the First Home Owner Grant Act 2000.
  • The purchased property must be used as the purchaser(s)’s primary place of residence for a continuous period of 12 months, commencing within 12 months of possession of the purchased property.
  • Prospective first home buyers can contact the State Revenue Office on 13 21 61 to find out more about their eligibility.
  • The list of regional local councils where first home buyer purchases are eligible for the $20,000 FHOG is provided in Table 1, below.

 

Regional councils where first home buyers will qualify for the $20,000 FHOG

Eligible first-home buyers of new homes in metropolitan Melbourne will continue to receive the $10,000 FHOG

Alpine Shire Council

Ararat Rural City Council

Ballarat City Council

Bass Coast Shire Council

Baw Baw Shire Council

Benalla Rural City Council

Buloke Shire Council

Campaspe Shire Council

Central Goldfields Shire Council

Colac Otway Shire Council

Corangamite Shire Council

East Gippsland Shire Council

Gannawarra Shire Council

Glenelg Shire Council

Golden Plains Shire Council

Greater Bendigo City Council

Greater Geelong City Council

Greater Shepparton City Council

Hepburn Shire Council

Hindmarsh Shire Council

Horsham Rural City Council

Indigo Shire Council

Latrobe City Council

Loddon Shire Council

Macedon Ranges Shire Council

Mansfield Shire Council

Mildura Rural City Council

Mitchell Shire Council

Moira Shire Council

Moorabool Shire Council

Mount Alexander Shire Council

Moyne Shire Council

Murrindindi Shire Council

Northern Grampians Shire Council

Pyrenees Shire Council

Borough of Queenscliffe

South Gippsland Shire Council

Southern Grampians Shire Council

Strathbogie Shire Council

Surf Coast Shire Council

Swan Hill Rural City Council

Towong Shire Council

Wangaratta Rural City Council

Warrnambool City Council

Wellington Shire Council

West Wimmera Shire Council

Wodonga City Council

Yarriambiack Shire Council

All above information published by The Broker Team has been supplied by State Revenue Office and was relevant at the time it was published. If you have any questions, please contact us

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