The Victorian Government has announced that it will increase the First Home Owner Grant from $7,000 to id=”mce_marker”0,000 for newly constructed houses and apartments, including those built under a home building contract, built by an owner-builder, purchased off-the-plan or sold for the first time as a residential premise. The id=”mce_marker”0,000 FHOG will apply from 1 July 2013 for eligible newly constructed homes under $750,000. However, the FHOG for established homes will cease on 30 June 2013.
In addition, stamp duty concessions of 40% for all first home owners will be brought forward. The stamp duty concessions for eligible first homes, whether newly constructed or established homes, will apply from 1 July 2013 for homes valued up to $600,000. From 1 September 2014, the stamp duty concessions for all first home buyers (whether purchasing newly constructed or established homes) will increase to 50%.
Source: Victorian Treasurer, 28 April 2013
[LTN 79, 29/4/13]