Home > Our Publications > Australian Outlook> 2005 > April

Double grant in Victoria

FIRST home buyers in Victoria can get the State Government's cash bonus of $5000, plus a $7000 grant from the Federal Government.

The $5000 cash grant is available to first home buyers on purchases of up to $500,000. The grant is available until June 30 this year. But it could be extended or modified.

State Treasurer John Brumby said many who had received the money would not have been able to buy a home without it.

"It has, I think, for a significant number of home buyers made the difference between whether they buy or whether they don't buy," he said.

It was pleasing that many regional home buyers had got the grant, the Treasurer said.

While the grant is known as the "first home bonus", home buyers are not restricted to spending the money solely on buying a home.

Last May Premier Steve Bracks said first home buyers could use it to buy household items such as furniture or pay for removal costs. But in reality they can use it to buy CDs, DVDs - anything they please.