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Victoria Budget to assist property owners

Victoria’s Budget is set to use the property sector to improve the state’s economy.
The Budget in Victoria, which was announced on May 7th, could help to assist property owners.

It is set to improve the economy in Victoria and has confirmed changes to the First Home Buyer Grant, which increased the amount of money available to those looking to buy a new property for the first time.

The state government said that it expects to produce a surplus of $2.5 billion within a year and said that growth would go up from 1.5 per cent, which it is set at this year, to 2.25 per cent next year and up to 2.75 per cent in years to come.

However, the Real Estate Institute of Victoria raised concerns that the changes to the First Home Buyer Grant would make some people worse off. This is because it is being abolished for people aiming to buy existing homes to raise provisions for the grants on new builds.

Posted by Craig Francis 

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