The Andrews Government today announced a doubling of the First Home Owner Grant in regional Victoria, from $10,000 to $20,000, commencing 1 July 2017. This is expected to help up to 6,000 first home buyers. The grant is for first-time home buyers for purchases up to $750,000.

“There is no doubt that housing affordability is a dire problem for Victorians in metropolitan and regional areas, and that the Government must act swiftly to stem the tide of house price rises across the state”, said Radley de Silva, CEO, Master Builders Association of Victoria.

“Master Builders Association of Victoria has been calling for reforms to address this crucial issue for years and has outlined in many previous budget submissions actions that would address these problems, such as planning reform, stamp duty initiatives and trades registration.

“Whilst Master Builders welcomes relief for first home buyers, there are many other mechanisms that can be used to address housing affordability, including reducing stamp duty for first home buyers which would potentially have a less inflationary impact on the market.

“Master Builders looks forward to a comprehensive reform approach to housing affordability that would include a range of effective initiatives such as reductions in stamp duty for first home buyers, planning reform and trades registration” Mr de Silva said.

For detailed information about the First Home Owner Grant for regional Victoria, consult the fact sheet here.