As reported in late April, the Victorian Government has announced an increase to the First Home Owner Grant and stamp duty cuts for people purchasing new homes.
From July 1 the grant will be increased from $7,000 to $10,000 for newly constructed homes, and stamp duty for all first purchases will be decreased by 40 per cent.
Treasurer Michael O’Brien says Victorian families will be thousands of dollars better off.
“The average price of a newly constructed first home is about $400,000,” Mr O’Brien said.
“With these announcements, Victorian families will be over $16,500 better off with the combination of the increased grant and the stamp duty cuts.”
DezignCorp welcomes the announcement, with Director Andrew Weeks commenting “The housing construction industry in Victoria is one of the biggest employers, both directly and indirectly through suppliers, and is a big provider of youth jobs through apprenticeships & traineeships”
If you’re considering building a house, this announcement coupled with low interest rates makes this year the perfect time to do so