May 4th, 2020Regional real estate

THE Victorian Government is extending the $20,000 First Home Owner Grant for people buying or building a new home in regional Victoria for an extra 12 months, in another measure to support Victorians through the coronavirus pandemic.

Treasurer Tim Pallas recently announced that the regional grant – which had been due to end in June – would be extended until the middle of 2021.

It gives more Victorians the opportunity to live in regional Victoria and enter the market for the first time, while also providing certainty to the regional construction industry as the state deals with the impacts of coronavirus.

In 2017, the Victorian Government doubled the regional First Home Owner Grant from $10,000 to $20,000 to tackle housing affordability and help Victorians realise their real estate dreams.

Since then, more than 8800 regional First Home Owner Grants have been provided, saving Victorian families $176 million.

To be eligible for the grant, the purchaser or purchasers must be first home buyers buying or building a property valued at $750,000 or less, and it must be used as 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 regional grant is part of the Victorian Government’s Homes for Victorians package, which also offers a $10,000 First Home Owner Grant for eligible purchases in metropolitan Melbourne and offers stamp duty exemptions and discounts for new homes up to $750,000.

Treasurer Pallas said the coronavirus pandemic was making it even tougher for young people to achieve their dreams of homeownership – and that was why the government was extending the grant which had helped so many regional Victorians.

“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,” he said.