The Victorian government has announced plans to increase the First Home Owner Grant from $7,000 to $10,000. What does this mean for you? It translates into thousands of dollars in savings for the homebuyer. There is just one catch; it only applies to new construction homes. The problem here is many first time home buyers tend to lean toward established homes. They generally want to be near the workplace. This is going to make things a little difficult for the person trying to sell an established home in Victoria.
The Victorian government is hoping to create jobs and homes for the growing population. It is their hope that the increase in the grant will encourage people to buy new construction, or build sooner than they normally would. It is true that over the past few years there has been a decline in the housing industry, and the government thinks this will give it a welcome boost. The construction industry is a very important employer in Victoria and the government wants to see it grow, and stimulate the economy.
This has several different affects for you. First this means that if you would like the First Home Owner Grant, you must call on new home builders. If you decide to buy new construction you must understand what that means. Most new construction is located outside of the suburbs, so you will need to travel to go to work. Not really that much of an inconvenience for some, for others it is an exciting time.
With a drop in the purchase of new construction homes, it was not surprising that the Victorian government decided to go this route. This will be a wait and see situation, but the cards are stacked in favor of the First Home Owner Grant, the savings are too good to pass up.
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