Victorian first homebuyers buying newly constructed homes will have up to $4000 extra to put towards a deposit from July 1. In its 11th budget, the Victorian government has announced it will extend the first homebuyers bonus for a further 12 months.
The first homeowners scheme has been revised so that money currently available to all first homebuyers will be channeled exclusively to those building or buying newly constructed homes.
An extra $4000 will be available to first homebuyers buying newly constructed properties in regional areas, taking their total entitlement to $26,500. Those buying in metropolitan Melbourne will receive $2000 extra, up to $20,000.
First homebuyers purchasing existing properties will still be eligible for the $7000 first home buyers grant under the federal scheme.