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Information for First Home Buyers 2012-13

By Eleanor Hopkins

First Home Bonus/Regional Bonus

The current First Home Bonus and Regional Bonus that is available for newly constructed homes in metropolitan Melbourne and regional Victoria, and are in addition to the $7,000 first home owners grant, is due to end on 30 June 2012.

The First Home Bonus and Regional Bonus apply to contracts entered into on or after 1 July 2010 and before 1 July 2012.

First Home Owners Grant

The State funded First Home Owners Grant of $7,000 will continue to be available to eligible first home buyers. This grant is not means-tested nor is it restricted by the price of the property for contracts entered into prior to 1 January 2010. For contracts entered into on or after 1 January 2010, the grant will only be payable where the price of the property or construction of the home does not exceed $750,000.

Duty Cut for eligible first home buyers

Eligible first home buyers who purchase their principal place of residence valued up to $600,000 may also get the benefit of a stamp duty reduction. To be eligible for the duty reduction, the first home buyer must be entitled to receive the First Home Owner Grant and live in the property for a continuous period of 12 months within 12 months of purchasing the property.

A duty reduction of 50% will be phased in over four years, with a 20 per cent cut already in place since 1 July 2011, which will be followed by additional 10 per cent cuts on 1 January 2013, 1 January 2014 and 1 September.

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