Great news for first home buyers

March 22, 2017

Are you or someone you know looking to buy their first home?

Recent changes to slash stamp duty and increase the First Home Owners Grant have been welcomed by many Victorians battling the rapid increase in the price of real estate in recent years making it now easier afford your own home.

The State Government is introducing three new initiatives each commencing on July 1 2017, to help first home buyers tackle the current affordability crisis.

The first change is to eliminate stamp duty for first home buyers of new and existing properties valued up to $600,000. This will mean a substantial saving for the purchasers who would otherwise need to over $15,000 on a $600,000 home.

The second is to double the First Home Owners Grant for those buying properties valued up to $750,000 in regional Victoria. This concession not only deducts $20,000 from property prices, but is also encouraging the purchase of properties outside of metropolitan Melbourne. This change therefore, is accompanied by a proposal for the creation of 17 new housing suburbs in regional Victoria.

The final change is to introduce a Vacant Residential Property Tax which will be payable on properties that are vacant for a total of six months of the year. While this change does not appear to be directed solely at assisting first home buyers, it will encourage the availability of properties on the market that would otherwise remain unused.

If you are buying your first home we can help! Contact our property team on (03) 9870 9870.

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