Victorian First Home Buyers in Luck With Grants Changes

The Victorian coalition government announced yesterday (April 28) that it is increasing the first home buyers grant from $7,000 to $10,000 later this year.

From July 1, the grant will grow for first time buyers of newly constructed property, as well as a 40 per cent cut to stamp duty costs.

Treasurer Michael O’Brien said the changes aimed to “make the dreams of many young Victorians become a reality sooner.”

Buying a newly constructed property worth $400,000 under these new provisions will save first time buyers over $16,500.

The increased grant covers recently constructed residential houses and apartments which was built by the homeowner, under contract, purchased off-the-plan, or purchased as a residential property for the first time.

The changes were also geared towards stimulating one of Victoria’s main economic sectors, the construction industry.

Factoring these changes into their plans to take out home loans in Victoria can make purchasing in the region very attractive for first time buyers.

Chatting with a mortgage broker will help buyers to get the home loan best suited to their situation within the Victorian property market.

To get more detailed information on your situation, talk to a Loan Market mortgage broker today.