First Home Owners Grant changes
Vic government introduced new measures to assist first-home buyers in a rapidly rising property market
The Victorian government will abolish stamp duty for first-home buyers purchasing properties worth less than $600,000, and will offer stamp duty concessions for first-home buyers purchasing property valued between $600,000 and $750,000. Property in regional Victoria was given a boost last Friday when the state government announced it will double the first-homeowners grant in regional Victoria. First home-buyers building new homes in regional Victoria will be entitled to $20,000 as of 1 July this year, up from $10,000 for new homes valued up to $750,000.
Both the exemption and the concession will apply to new and established homes. The Victorian government has also introduced an equity-sharing scheme to help first-home buyers fund a deposit and mortgage. The new $50 million pilot scheme, HomesVic, will be introduced in January 2018, and will help Victorians co-purchase one of up to 400 homes. Homes Vic will take an equity share of up to 25 per cent in the properties.
This program will be available to households where couples earn up to $95,000, and singles earn up to $75,000.