Victorian government offers increased FHOG for regional areas
First home buyers get a boost, with the Victorian government announcing an increase to the First Home Owners Grant.
From 1 July, first home buyers who purchase their home in regional Victoria will now get $20,000 for new homes valued up to $750,000. This is double the $10,000 current first home buyers or buyers in non-regional areas receive.
“This is such a substantial boost to the position and the capacity of first home owners,” Victorian treasurer Tim Pallas told the ABC. “It’ll put them on that first rung movement into their first home, so it’ll make it easier for young people in regional Victoria to buy and live in their community.”
The opposition, however, felt that the government should look more towards cutting stamp duty rather than increasing the grant if they want to curb affordability, according to a report by the ABC.
“Property developers across regional Victoria will be rubbing hands together. This is a terrific outcome for them,” Victorian shadow treasurer Michael O’Brien told ABC online.
The grant will only be available for new builds that are valued up to $750,000 until June 2020. First home buyers wanting to purchase established homes valued up to $600,000 can apply for a 50% stamp duty discount.