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First home buyer grants for new homes

First home buyers will be getting more help to buy new builds in Victoria.

People looking to buy their first home in Victoria are due to get more support if they buy a new build.

First Home Owner Grants (FHOG) are set to increase from $7,000 to $10,000 from the start of July.

The government in Victoria will also be discounting stamp duty on these properties by 40 per cent.

However, grants for people buying existing homes in Victoria will be scrapped to make room for these new measures.

It is hoped that these changes will bring much needed help to the construction sector and to help first time buyers move to new homes more quickly.

Previously the construction sector across Australia has feared how business will fare during the year as the number of new builds approved was in decline at the end of 2012.

However, since then, results from the Australian Bureau of Statistics have shown that building approvals have been rising as well as the value of building work done.

Posted by Ravin Chatlani

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