First Home Owner Grant to Double for Buyers in Regional Victoria.
From the 1st July 2017, first homebuyers in regional Victoria will receive a $20,000 government home grant and will not pay any stamp duty to purchase the land.
This will see a huge surge in areas such as Bacchus Marsh and Wallan, which are so close to Melbourne on the Western ring of the metropolitan areas.
The First Home Owner Grant (FHOG) scheme was introduced on 1st July 2000 to offset the effect of GST on home ownership. The FHOG is a national scheme funded by the states and territories and administered under their own legislation. Under the scheme, a one-off grant is payable to first home owners that satisfy all the eligibility criteria. It cannot be used for investment and it must be the first home you have ever purchased.
The Victorian government has announced from the 1st of July 2017, the First Home Owner Grant will double to $20,000 for people who will buy or build their new homes valued up to $750,000 in regional Victoria.
A lot of people may be wondering what a ‘new home’ is. This includes:
- A newly built home
- An existing property which is being sold for the first time as a new residential premises
- A land and building package
- Vacant land on which you will build a new home
Latitude Real Estate is selling a number of land estates in regional Victoria where First Home Owners can take advantage of the grant. These areas are Wallan, Bacchus Marsh and Ballarat. In my opinion, these areas are currently under-priced when compared to areas such as Tarneit, Rockbank or Melton. Smart buyers are already securing land today and holding off signing contracts until the 1st July to avoid the increases which could happen in the second half of this year as astute buyers will see the value in these locations and create a shortage of land stock.
Wallan is about 45kms from Melbourne’s CBD. The town is in the Shire of Mitchell and is the fastest growing town and now largest town in the shire. The estate that we are selling in the Wallan area is Springridge. Springridge is a stunning master planned neighbourhood set across 38 hectares of beautifully undulating land. It is surrounded by acres of open space, and with spectacular views to the hills, mountains and city. Our currently land releases include large lots that would be almost impossible to find on new residential projects closer to the city.
0407 600 709
Underbank is an estate in Bacchus Marsh that is a complete community combining an historical stud farm. Bacchus Marsh is 57kms from Melbourne’s CBD and is in the Shire of Moorabool. It is a main commuter town between the Melbourne and Ballarat corridor. Local produce of fruit and vegetables is still grown in the area. Underbank estate will be beautifully complemented by lush parklands and natural waterways. There are no traffic lights from Bacchus Marsh to the city making the commute very easy. The land available at Underbank is very level and perfect for construction of your new home.
0437 847 203
Ballarat is 116Kms from Melbourne and is a regional centre within Victoria. There are regular trains into Melbourne’s CBD every day. Ballarat has a strong history with the Australian gold rush boom, and is still a major attraction to the area with the city’s rich architecture. We are selling land at Pinnacle Smythes Creek which has over 22 hectares of parkland, rural views and a major shopping complex that is under construction immediately next door (opening September 2017). There will also be school, library, sporting facilities and Creekside walking trails.
0409 207 615
The $20,000 FHOG will be applicable where contracts are entered into from 1st July 2017 to 30th June 2020 in regional Victoria. In addition, there will be NO stamp duty payable on the land purchased from 1st July, 2017.
Our only word of advice is to move quickly – there will be land price increases as land is snapped up from those taking advantage of these government incentives. So get out there and build a future for yourself and your family, it is an exciting time and a very exciting opportunity.
If you are interested in any further information about these estates please contact each agent who will be able to assist you.