First Home Buyer Assistance

February 2010 - Author: Randolph Clements

Victorian first home buyers are currently in a better position that their counterparts in some Australian states. The end of the national First Home Buyer Boost on December 31st 2009 saw the First Home Buyer Grant revert to its original level of $7,000, whether for an existing or new home. Given the success of the incentive in stimulating both the property market and the economy, and the decreasing level of first home buyer finance since its phasing out, many are calling for a re-introduction of the scheme. It would indeed bolster first home buyer activity and create positive flow-on effects to related, supporting industries.
For the moment, however, Victorians can take advantage of various time-sensitive, state-funded bonuses to facilitate the purchase of their first home. While first home buyers in some states only have access to the original grant and stamp duty and transfer concessions, eligible Victorians have access to:

•First Home Owner Grant: $7,000. (Purchase price must be below $750,000.)
•First Home Bonus: $2,000 for an existing home or $11,000 for a new home. (Purchase price must be below $600,000.)
•Regional Bonus: $4,500.
•Limited Stamp Duty Concessions

The bonuses are in addition to the grant. This basically means that eligible first-timers buying a new home in regional Victoria can access a total of $22,500 in assistance, comprising $7,000 + $11,000 + $4,500.
The bonuses are scheduled to end on June 30th 2010, unless the scheme is extended and further funds made available. First Home Buyers should stay abreast of any changes to legislation, possibly in the May 2010 budget. For more detailed information about current assistance and eligibility, please see www.firsthome.gov.au.

Back to News Page