26 September 2023

First home buyers get breathing room

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First-time home owners are to have more time to shop around as the regional $20,000 First Home Owner Grant is extended for an extra 12 months.

Announced by the Treasurer Tim Pallas, the extension of the regional grant, which was due to end in June, will now be available until the middle of next year.

Mr Pallas said modelling by the Department of Treasury and Finance predicted property prices could fall by up to nine per cent by the end of this year, along with the unemployment rate more than doubling to 11 per cent in the September quarter.

“We know the coronavirus pandemic is making it even tougher for young people to achieve their dreams of homeownership,” Mr Pallas said.

“That’s why we’re extending the grant which has helped so many regional Victorians,” he said.

“Owning your own home shouldn’t be a pipe dream – we’re helping out with the financial kick-start they need to make it a reality.”

Mr Pallas said that to be eligible for the grant the purchaser must be a first time home buyer; buying or building a property valued at $750,000 or less; and the home must be the principal place of residence for 12 continuous months following settlement.

“The grant is available for first home purchases across 48 councils, with Greater Geelong, Ballarat, Bendigo, Wodonga and Shepparton among the most popular,” the Treasurer said.

He said the regional grant was part of the Homes for Victorians package, which also offered a $10,000 First Home Owner Grant for eligible purchases in metropolitan Melbourne and stamp duty exemptions and discounts.

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