Victoria really is the place to be – how you can make it YOUR place to be?
In recent weeks there have been a number announcements in regards to home ownership in Victoria. Not the least of which was the change to stamp duty for first home buyers if they purchase a property for less than $600 000, and this is regardless of whether you’re buying established or building. But one of the biggest wins was the announcement of an increase in the First Home Owner’s Grant if you purchase a property in regional Victoria.
From the 1st of July the Victorian Government is offering first home buyers who build NEW homes in Regional Victoria an additional $10,000 First Home Owners Grant (FHOG), bringing the total grant to $20,000.
You can read a full summary of the changes coming into affect in my article First Home Buyers Catch a Break.
When you think regional Victoria, you probably imagine living so far away from Melbourne that it’s going to be a two or three hour drive to the city. You imagine having to live in regional areas such as Bendigo or Ballarat. But how about considering the Macedon Ranges, East Gippsland or Geelong. These regions are only an hour or so away by car and if you’re working in the outer suburbs of Melbourne your commute is even shorter. So in reality, not too far away at all. And all of these regional areas have great V-Line services, which means for the time it take you to catch up on the day’s news, you can easily commute in relative comfort to the city.
I used to live in the Macedon Ranges, near Romsey. I worked in the CBD and my commute to the city every day was only about an hour’s drive. Of course, if you work in or around the airport you’re only looking at a 35 minute commute. It’s a great tree-change compromise, city by day, country by night and weekend. Some areas of the Macedon Ranges remain very affordable for first home buyers, with it still being possible to build a 26-square home on almost 1000 sqm of land for under $400,000 (Property for sale in Romsey). That’s a deal you can NOT get in the city or suburbs. Now you may be thinking “country, really”, but many of these regional areas have so much to offer. For example, where I lived near Romsey (Romsey Lifestyle), you’re in the heartland of the Victorian Racing Community, and if you have kids that are into sport, the area has an uncanny ability to produce great sporting opportunities (my kids grew up with Jake and Tyson Lever who now play for the Adelaide Crows).
If you’re more attracted to a seaside community, Geelong is a fantastic choice (Geelong South Lifestyle). Geelong’s a thriving regional city, with all the necessities of Melbourne life and a regular V-Line service to the CBD. And, if you turn your gaze away from Melbourne, you’re living at the gateway to some of Victoria’s most spectacular coastline and unbelievable surf beaches.
And for these two options that sit right on Melbourne’s doorstep, the Victorian Government is willing to give you an extra $10,000 for your FHOG. How excited are you now?
If you’re tempted by the lifestyle, and the bonuses the Victorian Government is handing out, we can help you discover how much you can afford to spend on a new home.
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Glenyce Barton | Finance and Budget Mentor | Article ©2017 iFind Finance