First Home Owner Benefits
The First Home Owner Grant was scaled back a couple of years ago, to be just $10,000 for a first home owner buying a new home under the value of $750,000. This will be doubling from 1 July 2017 for new homes in regional Victoria, for first home owners, from $10,000 to $20,000. Hopefully, this will encourage growth in regional areas, and encourage younger people to consider a regional career.
“Regional Victoria” is defined by Council area, and yes, Mitchell Shire and Strathbogie Shire are both on the list as regional areas for this increased Grant.
First Home Buyers also currently get a stamp duty reduction. But from 1 July 2017, stamp duty will be completely abolished for First Home Buyers when they buy a property under $600,000. This can be a saving of up to $15,500. They will still get a reduction on homes valued between $600,000 and $750,000.
Really, this is a double bonus for regional areas, since inner city properties are usually well over $600,000. Properties in regional areas will be increasingly attractive, since they First Home Buyers will not pay stamp duty, and they will also get the $20,000 if the home is new!