Victorian first home owners grant ends this weekend

This is the last weekend the $7000 first home owner grant will apply for established property purchases in Victoria so first time buyers may be out in force.

From July 1, 2013 buyers of existing property will receive no government grant, although while purchasers of a new house or apartment priced up to $750,000 will receive a $10,000 grant.

From Monday the state government's discount on stamp duty increases from 30% to 40% for all property sold under $600,000.

VICTORIA

June 30, 2013

The date the Victorian government ends its $7,000 first-home owner grant. The grant is available if the price of the property or construction of the home does not exceed $750,000. An exception to this requirement is where the contract relates to a home that is on, or to be built on, primary production land.

July 1, 2013

From this date eligibility for the First Home Owner Grant will be limited to FHB of new homes and will be increased from $7,000 to $10,000. To qualify for the Grant, the price of the property or construction of the home must not exceed $750,000.

July 1 2013

The land transfer duty discount for eligible first home buyers purchasing a principal place of residence (PPR) valued at not more than $600,000 increases from 30% to 40%. To be eligible for the duty reduction, the FHB must have received or be entitled to receive the FHOG and must also reside in the property for a continuous period of 12 months commencing within 12 months of settlement.

September 1 2014

The land transfer duty discount for eligible FHBs purchasing a principal place of residence (PPR) valued at not more than $600,000 increases from 40% to 50%.

More information: Victoria State Revenue Office website.