Those looking to build a new house in Regional Victoria after July 1 2017 will be entitled to $20,000 under the First Home Owners Grant. This $10,000 increase aims to attract young buyers towards regional cities.
Treasurer Tim Pallas expects that new grant will promote regionalisation and encourage many first home buyers to move away from a congested Melbourne. “Decentralisation is a vital part of our agenda. You can’t decentralise unless you provide people with housing opportunities and you make housing affordable, as a package of initiatives this is far and away in excess of what any other state has done”.
“These are specific initiatives targeted at regional Victoria because we do think it’s a vote of confidence that regional Victoria is an attractive place to live,” Pallas said.
It is estimated that this adjusted First Home Owners Grant will assist 6000 Victorian’s who will build a new house.
Premier Daniel Andrews said that assisting First Home Owners with building their own homes in regional Victoria will encourage a decrease in house prices.
This is great news for anyone who is wanting to build a new house in Victoria, after adjustments made to the grant in July 2013 severely reduced the impact of the grant. That number of home buyer accessing the grant dropped from 45,000 in 2009-2010 to only 10,000 in 2014-2015.
Are you eligible for the FHOG in Victoria to build a new house
Wanting to build a new house in Victoria? Before you get started it is important that you meet the following requirements to be eligible for the First Home Owners Grant:
· You are 18 or over
· You are an Australian citizen or permanent resident
· You are planning on living in your new home for 6 months, within 12 months of settlement
· You have not previously owned residential property in Australia
· You have never received the First Home Owners Grant in Australia
Want more information? Checkout our guide to first home owner grants.
If you meet the above criteria and are looking to build a new house in a regional area of Victoria, start your house design research at iBuildNew. With plenty of member builders and home designs to compare- it is the perfect place to simplify your research process. Either head over to ibuildnew.com.au to start browsing home designs, or call on of our expert building consultants on 1800 194 284.
Let us do the legwork for you.
- We’ll ask the right questions to better understand your needs
- We’ll create a recommended shortlist ideally matched to you
- We’ll answer specific questions or concerns related to home building, land purchasing or financing
Zoe Langenberg
Zoe is passionate about coffee and interior design. You can find her most weekends exploring an art gallery or devouring a good book.
1800 184 284
