Helping hand for first home buyers

March 16, 2017

The First Home Owner Grant will be doubled to $20,000 in regional Victoria.

CALLING all first home owners in Heathcote and surrounds — July is the time to break into the market.

The First Home Owner Grant will be doubled to $20,000 in regional Victoria helping an expected 6000 Victorians afford their first home.

Starting July 1, the increased grant will be available to first home buyers building new homes valued up to $750,000 and is an additional $50 million investment in regional Victoria over the next three years.

Local real estate agents said first home owners would be ‘‘mad not to jump at the opportunity’’.

Connallys Real Estate sales consultant Jenny Hall said it was a terrific idea.

‘‘Although there aren’t a lot of new homes going up in Heathcote it may favour our local market,’’ she said.

‘‘It is a great idea by the Victorian Government for first home buyers and you should definitely jump on board.’’

In a further move to help tilt the scales back towards home owners, the government will also abolish stamp duty for first home buyers below $600,000.

Premier Daniel Andrews said both changes are part of the government’s plan to help more Victorians break into the housing market.

‘‘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,’’ Mr Andrews said.

‘‘These changes will help thousands of Victorians make the Great Australian Dream a reality.

‘‘With negative gearing and capital gains tax concessions, the odds are already stacked against first home buyers. This will help level the playing field.’’

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