The First Home Owner Grant will be doubled in regional Victoria, helping thousands of Victorians buy their first home.
Expected to help up to 6,000 first home buyers, the Grant will increase from $10,000 to $20,000, commencing 1 July 2017.
The changes from the Andrews Labor Government will make it easier for young people in regional Victoria to build and live in their own community, as well as boosting local construction jobs and development.
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.
At the same time, the Labor Government is working to make sure people in regional Victoria have the same opportunities as those in metropolitan Melbourne, underlined by the 2016/17 Victorian Budget, which delivered the highest regional infrastructure investment on record.
That includes investing in more reliable and frequent public transport, safer roads, better schools and hospitals and creating more local jobs.
The grant will be applicable to contracts signed from 1 July 2017 to 30 June 2020, at which time, the Government will review the benefits for first home buyers and businesses in regional Victoria.
Quotes attributable to Premier Daniel Andrews
“This is a win for first home buyers in regional Victoria, and it’s a win for local jobs too.”
“By doubling this grant, we’re giving young people in regional Victoria even more reason to live locally.”
“Importantly, we’re not making these changes in isolation. As our regional communities grow, we’re also investing in public transport, local roads, and the schools and hospitals they need.”
Quotes attributable to Treasurer Tim Pallas
“This will make it easier for young people in regional Victoria to buy and live in their community. While the Federal Government talks about housing affordability, this is what real action looks like.”
“We want to ensure these communities grow and prosper and are supported by the best infrastructure and services Victoria has to offer.”