The Victorian State Government has announced a new initiative to help struggling first home buyers get their foot on the property ladder.
From 1 July 2017, the Victorian State Government will abolish stamp duty for first home buyers purchasing a home with worth $600,000 or less.
In addition, those purchasing a property worth between $600,000 and $750,000 will receive some form of stamp duty concession.
The changes are expected to help more than 25,000 first home buyers each year, by allowing them to save in excess of $8,000 each in stamp duty fees.
At present, a Victorian-based first home buyer who purchases a property worth $600,000 would be required to pay in excess of $15,000 in stamp duty.
With interest rates continuing to sit at historical lows, now could be a great time for first home buyers to look at their finances and consider speaking to a mortgage broker.
Your local broker can help you seek home loan pre-approval and identify exactly how much you may be able to borrow.
They can also do all of the loan leg-work on your behalf, so that the only thing you need to worry about is finding that dream property.
If you want to take advantage of low rates and hear more about the stamp duty concessions and how it might impact you and your property ambitions, give your local broker a call today.