News

Less For Existing Homes and More For New Homes

By Nikkita Barlow

On 1 July the financial assistance available to first home buyers will change again.
Currently, first home buyers of existing homes anywhere in Victoria are able to access a total of $9000 in financial assistance from the State Government. This comes in the form of the Grant, worth $7000, and the Bonus, worth $2,000.

Buyers of a new home in metropolitan Melbourne are eligible for $18,000 in assistance, comprising the $7,000 Grant and an $11,000 Bonus

Buyers of a new home in regional Victoria are eligible for $22,500 in assistance, comprising the $7,000 Grant, an $11,000 Bonus and a $4,500 Regional Bonus.

In the case of the Grant, the maximum purchase price is $750,000 and for the Bonus it is $600,000.

After 1 July assistance for buyers of existing homes will be reduced and increased for those buying a new home.

First home buyers of existing homes will be able to access a total of $7000 in the form of the Grant.

Buyers of a new home in metropolitan Melbourne will be eligible for $20,000, comprising the $7,000 Grant and a $13,000 Bonus.

Buyers of a new home in regional Victoria will be eligible for $26,500, comprising the $7,000 Grant, a $13,000 Bonus and a $6,500 Regional Bonus.

The assistance is very important as it helps young people get a start in the market. This is revealed in recent ABS data, which has shown that in the last 10 months, as the generous federal stimulus was withdrawn, the proportion of loans in Victoria going to first home buyers has dropped by 39 per cent; in March this year they comprised only 18.4 per cent of all loans.

Full eligibility details and information on how to apply can be found at www.sro.vic.gov.au

– www.reiv.com.au

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