First home buyers in regional Victoria will be able to receive up to $15,000 in government assistance towards the purchase of their first homes, following the delivery of the state’s budget yesterday.
Under new concessions, first home buyers will be granted an additional $3000 for the purchase of newly constructed homes in regional parts of the state.
This is in addition to the current $7000 First Home Owners Grant and the $5000 First Home Bonus for newly constructed homes.
Victorian state treasurer John Lenders said the grant would not only open up home ownership to more Victorians and help grow regional centres but also create jobs in the state’s building industry.
First home buyers will also save almost 17 per cent in stamp duty expenses.
The first home buyer incentives were part of an overall $1.43 billion relief package for all home buyers and businesses including and also included reductions in land taxes. $86.2 million was also pledged to improve housing supply.
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