Subject to the passage of legislation, from 1 July 2013 the Victorian Government will be increasing the First Home Owner Grant from $7,000.00 to $10,000.00. This will however be limited to those purchasing a new home or vacant land upon which a new home will be constructed. A new home is a home that has not previously been occupied as a residence.
The Grant of $7,000.00 will continue to apply to first home buyers who enter into a contract to purchase a new or existing home on or before 30 June 2013. Settlement of the first home buyer’s purchase does not need to take place before 30 June 2013 to be eligible for the Grant.
A stamp duty concession of 40% will continue to be available to first home buyers. This concession is due to increase to 50% from 1 September 2014.
Please contact Emma Wright for further information on the benefits available to first home buyers in Victoria or New South Wales.