A regional boost for Victorian first-home buyers could further help people get into the market.
The State Government will extend its $20,000 first-home owner grant for people buying or building a new home in the Ballarat region for an extra 12 months. The regional grant, which had been due to end in June, will be extended to the middle of 2021.
Integra's Director of Land Development Nick Grylewicz says the extension of the grant is really welcome news, the $20,000 matched with reductions on stamp duty and incentives from builders right now along with record low interest rates should offer some good support to people who are in the position to purchase.
“With these incentives in place it is looking like first home buyers could see reductions of up to 40% on the deposit they would need to pay, this is going to be a real confidence boost for buyers,” Mr Grylewicz said.
The Government doubled the regional First Home Owner Grant to $20,000 in July, 2017. Since then, more than 8800 regional grants have been provided, saving purchasers $176 million.
To be eligible for the grant, first-home buyers can purchase an existing dwelling that’s less than five years old being sold the first time as residential premises, or build a home, valued up to $750,000. They must be used as the principal place of residence for 12 continuous months after settlement. First-home buyers are also eligible for stamp duty exemptions and discounts for new homes up to $750,000.