Victoria’s first home buyers are celebrating welcome financial news from May’s State Government budget.
Effective immediately, first home buyers will now be eligible for the First Home Bonus worth up to $12,000 as well as a stamp duty cut of almost 17 per cent.
An additional $3000 bonus will be available to first home buyers buying a newly constructed home in regional Victoria.
“This is a great result for first home buyers in Victoria,” says ResCom’s Conveyancing Manager, Victoria.
“These significant government initiatives will put home ownership in reach of more people.”
Families buying their first home in regional Victorians can receive up to $15,000 in Government incentives. For example, a person buying a house and land package in Bendigo prior to construction worth $260,000 with land worth $115,000 would attract only $2510 in stamp duty and will receive $15,000 in Government support up front.
“It is especially gratifying to see regional Victorians benefiting,” “The package should help to make country areas even more attractive to live, work and raise a family.”
ResCom’s Bendigo Manager, Brian Lawry, says that his customers are already taking advantage of the initiatives.
“It’s terrific to see extra incentives for first home buyers, especially in rural and regional Victoria,” he adds. “These bonuses help to make residential property investment more viable and, we hope, will encourage more people to buy in country areas.”
For more information, contact our Conveyancing Department on (03) 8699 8000 to find out how the new bonuses can help you.