Victorians aiming to buy their first home in regional areas of the state will be financially assisted when the First Home Owner Grant doubles for regional Victoria on July 1 this year.
The State Government plan is expected to help up to 6,000 first home buyers by increasing the grant from $10,000 to $20,000.
The grant will be available to buyers building new homes valued up to $750,000, and is expected to help young people in particular enter the housing market.
Contracts signed from 1 July 2017 to 30 June 2020, will be eligible for the grant.
Premier Daniel Andrews commented on the changes saying, “by doubling this grant, we’re giving young people in regional Victoria even more reason to live locally.”
Victoria’s Government is aiming to improve regional prospects, by currently investing in more reliable and frequent public transport, roads, schools and hospitals in regional areas, with the goal of creating more local jobs.
“We want to ensure these communities grow and prosper and are supported by the best infrastructure and services Victoria has to offer,” Treasurer Tim Pallas said.
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