First Home Buyer Grants: the good news

by Chris Lang on July 8, 2010

Pretty House If you are considering purchasing your first home in Victoria, the good news is that our government might give you more money.

From the 1st of July first home buyers purchasing a newly constructed home may be eligible for an increased First Home Bonus of $13,000. People buying their first (newly constructed) home in regional Victoria got even luckier – on top of First Home Bonus they may be eligible for another payment of $6,500, the First Home Regional bonus. This is all in addition to the First Home Owners Grant ($7000), of course.

It is funny how these adjustments to grants and bonuses point at the main goal. What the government would really love to see people doing is showing preference to newly constructed houses (as opposed to the established ones), so they take the 2K bonus that established houses were previously eligible for and give it to the newly constructed homes in metro and regional Victoria, raising the total amount from $11,000 to 13,000. And to encourage people to buy homes in regional Victoria even more – they raise the regional bonus another $2000 – from $4,500 to $6,500.

Another funny little detail that I noticed is that to qualify for the FHOG the property should cost less than 750,000 – when previously it was caped at 600,000. I wonder if this is because the median prices went up 25%(!) last year. What do you think?

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{ 3 comments… read them below or add one }

Kevin - Moncton REALTOR® July 31, 2010 at 7:38 pm

Thank You very much for this wonderful post! This is such great news especially for those people who are planning to buy a house in Australia. The government is very supportive and is helping those future home owners to easily and afford-ably buy the house that they want. I hope everybody would get a chance to avail this offer. Thank you very much for this great news!

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Jeff Ragan August 8, 2010 at 9:46 pm

This is great news! People in Australia are being given chances of having their own house. Thanks to the government, they are very supportive. This is very helpful, especially to those who are paying big amounts for their house rental.

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Jerich Stewart September 28, 2010 at 9:43 pm

Wow! This home buyer grants is a very good news to everybody especially to those people who are on home buying. I know one website which can give you more information and tips about home buying. http://www.first-time-home-buyer-solutions.com/ I am also into buying houses and this website helped me a lot.

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