The State Government of Victoria has just announced that the $7,000 first home owner’s grant (FHOG) for established properties will come to an end on 30 June 2013. In the same breath, they have brought forward to 1 July 2013, a further 10% discount on Stamp Duty for first homes valued at up to $600,000.
This represents a small window of opportunity (just over 7 weeks) for first home buyers to enter into a contract by 30 June 2013 to obtain both the $7,000 grant and up to the $3,000 savings on stamp duty, provided settlement takes place after the 1 July 2013.
On the other hand, the first home owner’s grant for newly built homes only valued at up to $750,000 will increase to $10,000 from 1 June 2013.
For more information please visit the State Revenue Office website.