• Daniel Andrews is announcing today an exemption will apply from 1st July 2017 for first home buyers on stamp duty for homes with a purchase price up to $600,000. First home purchases ranging between $600,000 and $750,000 will get a concession applied on a sliding scale.
• The stamp duty exemption will apply to new and existing homes (including houses, townhouses, apartments and off-the-plan dwellings) that cost under $600,000 and are lived in for at least 12 months (i.e. Investment properties are not eligible).
• First home buyers of new houses will still be eligible for the $10,000 First Home Owners Grant.
• From 1st July 2017 the state government will also double the First Home Owners Grant for regional Victoria to $20,000 for new homes valued up to $750,000. This is great news for those who are able to work in live in regional areas
With all this good news the future is looking positive for First Home Buyers to break into the market without as much funds required upfront to purchase.
My message to First Home Buyers is to save as much as possible over the coming months & be ready for those exemptions to kick in on the 1st July.
You can book an appointment by calling me 0421 240 129 to see how much you will need to save for your first home.