First-home buyers in regional Victoria will get a $20,000 kickstart to help them get into the housing market.
The State Governmentis set to announce a doubling of the First Home Owners Grant for regional Victoria today, the Herald Sun reports.
Premier Daniel Andrews said the changes would 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.
“This is a win for first-home buyers in regional Victoria and it’s a win for local jobs too,” Mr Andrews said.
The $20,000 grant will be paid to eligible buyers for contracts signed after July 1, 2017 until June 30, 2020 for new houses, units or apartments valued up to $750,000.
The government expects doubling the grant will cost $50 million.
First-time buyers who purchase an existing home are ineligible for the grant, but can receive a 50 per cent discount on stamp duty for homes valued up to $600,000.