The Victorian State Government has announced that they will be extending the $20,000 First Home Owners Grant for an extra 12 months in an effort to help boost activity in the housing market amid the COVID-19 pandemic. This announcement only covers those planning to buy or build a new home in regional Victoria.
The First Home Owners Grant, which was due to end in June, will be extended until the middle of 2021.
“We know the coronavirus pandemic is making it even tougher for young people to achieve their dreams of homeownership – That’s why we’re extending the grant which has helped so many regional Victorians,” said Tim Pallas, state treasurer of Victoria. Source.
In order to be eligible for the grant, purchasers must be first home buyer’s who are buying or building a new property that is valued up to $750,000 in regional Victoria. The property must also be used as the principal place of residence for 12 continuous months following settlement.
Fiona Nield, HIA’s Victorian Executive Director said: “The Government’s intention to extend the $20,000 First Home Owners Grant for people buying or building a new home in Regional Victoria for an extra 12 months is a much-needed boost to those who are thinking of taking the step into homeownership.”
“This will also be critical in the coming months to stabilising home building activity in the regions.”
Furthermore, Nield said that this boost will provide a much-needed stimulus to regional jobs and employment, which can also help to stabilise activity. Source.
A $10,000 grant is available for those purchasing in Metropolitan Melbourne.
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