Government Will Pay You to Move to Regional Victoria

Buying a home in regional Victoria will become more attractive than ever thanks to an additional $3000 bonus for first home buyers in this year’s State Budget.

Treasurer John Lenders said the $3000 bonus was on top of the Victorian Government funded $7000 First Home Owners Grant and the $5000 First Home Bonus for newly constructed homes.

“Families buying their first home in regional Victorians can receive up to $15,000 in Government incentives,” Mr Lenders said.

“The Brumby Labor Government is committed to growing Victoria’s regions and this grant will encourage many young families to buy a new home in regional Victoria.

“Our Government’s investment in regional Victoria over the past eight years has made our great provincial cities and rural towns more attractive for young families. This new $3000 bonus will mean more young families will choose to live in regional and rural Victoria.”

For example, a person buying a house and land package in Bendigo prior to construction worth $260,000 with land worth $115,000 would attract only $2510 in stamp duty and will receive $15,000 in Government support up front.

All Victorians buying their first home will be able to enjoy the lower principal place of residence stamp duty rates on top of the First Home Bonus for the first time.

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