The Victorian Government has announced the First Home Owners Grant (FHOG) will double for ‘Regional’ first home buyers in Victoria from 01 July 2017.
Victorian Premier Daniel Andrews has today announced an increase in the first home owner grant for Victoria’s regional first home buyers from $10,000 to $20,000 – expecting it to help up to 6000 young buyers over the next three years.
The policy announcement is designed to allow first home buyers to build and live in their own community as well as boost the number of jobs in Victoria’s regional areas. The Victorian Government also expected the increased grant to increase buyer interest in regional cities like Ballarat, Geelong & Bendigo, and promote decentralisation by encouraging young people to move outside of Victoria’s congested capital city Melbourne.
The $20,000 Regional First home Owners Grant will be paid to eligible first home buyers for contracts signed after July 1 2017 until June 30 2020 for new houses, units or apartments valued up to $750,000, in regional areas. Unfortunately, first home buyers looking to buy an established home won’t be eligible for the FHOG however, they will still be eligible for the 50% stamp duty discount for established homes valued up to $600,000. New homes in Melbourne under $750,000 will still be eligible for current $10,000 FHOG.
Are you a first home buyer looking to buy an established/new home in the Melbourne Metropolitan area? Click here to learn more about Daniel Andrew’s announcement on stamp duty cuts for all eligible Victorian first home buyers
Bendigo is set to benefit from the Victorian Government’s latest announcement
Geelong set to benefit from the Grant boost
Geelong is a port city with the following likable characteristics:
- Located 75 kilometres south-west of the state capital, Melbourne or a 90 minute drive.
- It is the second largest Victorian city, with an estimated urban population of 187,417.
- Located only a short 20 minute drive to Melbourne’s Avalon Airport.
- The median house price across the broader suburbs of Geelong sits at under $500K, which will buy you plenty of house and backyard in a wide range of suburbs.
Geelong’s biggest asset is the massive opportunity it presents to entrepreneurs, startups, remote workers, new businesses and relocating businesses. Businesses can benefit from being located in a an area that has lower costs of living & more affordable housing, as well as lower cost commercial offices and warehousing.
Whilst the Regional Grant is doubling from 01 July 2017 some regional first home buyers may consider getting into the market now ahead of the potential increase in demand later this year. As we know from historical performance in many states of Australia, increases in Grants to first home buyers have tended to boost prices in some areas.
FHOG Eligible Homes in Geelong:
We have access to a range of brand new FHOG eligible home from $400,000 for first home buyers across the region. Click on the slideshow below to view more details of our Geelong options:
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Other popular Victorian regions that regional Grant will apply to
Are you a first home buyer looking to buy an established/new home in the Melbourne Metropolitan area? Click here to learn more about Daniel Andrew’s latest announcement on stamp duty cuts for all eligible Victorian first home buyers
If you require more information on the changes in first home owner incentives in Victoria or in other states of Australia, please click below to book your complimentary consultation with an FHBA Coach.
First Home Buyers Australia
Disclaimer: FHBA recommends you should with a licensed professional about your circumstances to determine whether you meet the eligibility criteria for any Government assistance. FHBA does not recommend you make any financial, property or investment decision based solely on Government assistance.