Ahead of the state budget on 7th May, the Victorian Government has announced changes to the First Home Owners Grant and First Home Buyer Stamp Duty concessions effective from 1 July 2013.
For the purchase of newly constructed or off the plan homes the $7,000 First Home Owners Grant will increase to $10,000. At the same time, the $7,000 First Home Owners Grant for the purchase of established or existing homes will cease.
The Victorian treasurer Michael O’Brien said ending the First Home Owners Grant for established homes brought Victoria into line with other states.
All eligible first home buyers will benefit from the bringing forward of First Home Owner Stamp Duty concessions, increasing from 30% to 40% on homes valued up to $600,000, six months ahead of schedule. The 40% concession means a saving of $8,788 on a $500,000 home purchase. These concessions will increase to 50% from 1 September 2014.
If you have any questions about these changes and how they may impact on your plans to buy your first home, please call us on 9432 6070 or click on the 'contact us' tab at the top of the screen.