First Home Owners Grant
The Victorian state government has announced that it will be SCRAPPING the $7,000 first home owners grant for existing houses.
The Victorian state government has announced that it will be INCREASING the $7,000 first home owners grant for New houses to $10,000.
The scheduled date for this change is 1st July 2013
Subject to the passage of legislation, for contracts entered into on or after 1 July 2013 eligibility for the First Home Owner Grant will be limited to buyers of new homes and will be increased from $7,000 to $10,000.
The First Home Owner Grant is not means-tested.
The First Home Owner Grant is for properties priced UNDER $750,000
Since 1 January 2010, this grant became payable where the price of the property or construction of the home did not exceed $750,000.
First Home Owners Bonus
The separate First Home Bonus was scrapped for contracts entered into on or after 1 July 2012.
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