Have you been thinking about buying your first home but are not sure if you can afford to take the leap? If the answer is yes, you're in luck!
In recent weeks, the Victorian state government has made some changes to the first home owners' grant and stamp duty, making the cost of purchasing more affordable than ever before. And, with interest rates continuing to hover around record lows, now really is the perfect time to turn your property ownership goals into a reality.
Check out these changes below:
Changes to Stamp Duty
From 1 July, the Victorian State Government removed all stamp duty fees for first home buyers purchasing a home worth $600,000 or less. And, those purchasing a property worth between $600,000 and $750,000 will get a significant discount.
The changes are expected to help more than 25,000 first home buyers each year, by allowing them to save more than $8,000 each in stamp duty fees.
Increase in the First Home Owners Grant
If you're planning on buying your first home in metropolitan Melbourne, you may be eligible for the $10,000 First Home Owners grant from the Victorian Government.
Meanwhile, those first home buyers looking to buy or build a new home in regional Victoria - up to the value of $750,000 - will be eligible for a $20,000 first home owners' grant. To understand which postcodes are considered ‘regional Victoria', click here.
To qualify for the grant, first home buyers have to enter into a contract between 1 July 2017 and 30 June 2020, and live in the home full-time throughout the first 12 months.
Thankfully however, the state government has excluded Defence Force Personnel from the residency requirement. As such, all defence force are still eligible for the grant regardless of whether they live in the property.
If you're unsure whether you meet the eligibility criteria for either of these new first home buyer incentives, give your local broker a call today.
They can talk you through the whole process and help you obtain home loan pre-approval, so that you know exactly how much you may be able to spend on your first home.