Finding a property that is within your price range as a first home buyer in Melbourne is becoming more and more difficult...
Many first home buyers are having to resort to drastic measures to get into their first home, like moving back in with their parents to save money, or requiring a guarantor to get their foot in the door.
But don’t give up yet.
There are a 2 measures that the Victorian State Government have put into place, in an effort to help First Home Buyers (exclusively) get into the property market sooner.
NO MORE STAMP DUTY
Before 1 July 2017, any first home buyer in Victoria who purchased a property worth $600,000 was required to pay in excess of $15,000 in stamp duty.
But no more! 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 for those purchasing a property worth between $600,000 and $750,000, a significant discount will be applied.
The changes are expected to assist more than 25,000 first home buyers each year, by allowing them to save more than of $8,000 each in stamp duty fees.
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.
To be eligible for this, your property must be new.
1. The property must be built from scratch as part of a fixed price building/construction contract.
2. The property must be purchased 'Off the Plan' new.
3. The property must be purchased as a display home and 'never lived in'.
And, for those from regional areas, the news gets even better...
From 1 July 2017, the grant for new homes in regional areas, has been doubled to $20,000. That could go a long way towards those new
So, while First Home Buyers in Melbourne do seem to be getting an extra helping hand, there are some exclusions.
Find out if you’re eligible by speaking to Graeme or myself at Mortgage Choice in Ringwood today!