First home buyers in Victoria will receive up to $22,500 in government incentives as of July 1 as part of the state’s budget measures unveiled this week.
Assuming the federal government’s first home owner grant reverts back to $7,000 as of July 1, the Victorian government will contribute $2,000 to first home buyers in metro Victoria and $11,000 if the dwelling is new, resulting in assistance of $9,000 or $18,000.
Furthermore, regional first home buyers of new homes will be eligible for an extra $4,500, taking their total government assistance to $22,500.
Gil King, HIA Victorian executive director said: “This is a proactive measure that recognises the value of the residential construction industry to Victoria’s economic activity and employment.”
“We expect the boost will provide up to 4,000 new jobs for the industry over the next twelve months and provide opportunities for apprentices right across the state,” he said today.
Mr King also called for the federal government and other state governments to follow suit.
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