The Victorian Government has recently announced housing initiatives.
This includes an intention to increase the First Home Owner Grant (FHOG) from $10,000 to $20,000 for new homes built in regional Victoria (see below) and valued up to $750,000.
This will apply for contracts signed from 1 July 2017 to 30 June 2020. Eligible first-home buyers of new homes in metropolitan Melbourne will continue to receive the $10,000 FHOG.
Additional announcements included land transfer (stamp) duty for first-home buyers, off-the-plan concessionsand a tax for vacant residential property.
These changes have to be approved by the Victorian Parliament before they can begin. You should only rely on the exact detail of the changes once the legislation is passed. This is likely to be in June 2017.