Skip to content

Latest update – $20,000 First Home Owners Grant Extended!

Thursday 23 April 2020
Source: The Courier Newspaper – Ballarat, Victoria

Latest update – $20,000 First Home Owners Grant Extended!

Regional home buyers are set to be the big winners from the extending of a $20,000 First Home Owner Grant for another 12 months.

The State Government doubled the previous $10,000 grant in June 2017 to encourage regional growth, with the program expected to be have reached its completion by the end of June this year.

But with a predicted, unprecedented, financial downturn likely over the coming months, the decision has been taken to extend the grant until the end of June 2021 in order to continue to encourage investment within regional communities.

The grant is available in 48 council areas. Since its inception, there have been 907 grants given in home owners buying in Ballarat, among the 8800 recipients across the state.

Modelling from the Department of Treasury and Finance predicts that property prices may fall by up to nine per cent by the end of the year, as well as the unemployment rate more than doubling to 11 per cent in the September quarter. Treasurer Tim Pallas said the extending of the grant was a way to encourage more first home buyers into the market at a difficult period in history.

“We know the coronavirus pandemic is making it even tougher for young people to achieve their dreams of home ownership – that’s why we’re extending the grant which has helped so many regional Victorians,” Mr Pallas said.

“Owning your own home shouldn’t be a pipe dream – we’re helping out with the financial kick-start they need to make it a reality.”
To be eligible for the grant, the purchaser or purchasers must be first home buyers buying or building a property valued at $750,000 or less and it must be used as the principal place of residence for 12 continuous months following settlement.

The state government on Wednesday released modelling that forecasts 270,000 Victorians could be out of work as a result of the health crisis. Unemployment is expected to peak at 11 per cent in the September quarter, which is more than double the current rate while economic output is forecast to drop by $32 billion – or more than $1 billion a week – during the next six months.

“From a government point of view, these figures are bleak and quite frankly catastrophic,” Mr Pallas said.

“Let’s not sugar coat it, we are in for difficult times. It’s worse than I thought we’d land.”

Pinnacle Ballarat and Bloomdale Diggers Rest Display Suites are open this weekend Saturday 21st and Sunday 22nd March 2020.
Scroll To Top