As reported a few weeks ago, the Victorian government have announced several initiatives designed to support First Home Buyers of Victorian properties. More detail is now available in the Fact Sheets, links provided below.
To recap, from 1 July 2017:
- stamp duty (land transfer duty) will be abolished for first-home buyers purchasing a new home of <$600,000 (replacing the 50% duty reduction).
- stamp duty will be phased-in (ie sliding scale of duty) for eligible first-home buyers purchasing a home (new or established) of $600,001 to $750,000
Further, the First Home Owner Grant (FHOG)
- will be increased from $10,000 to $20,000, for new homes built in regional Victoria that are valued up to $750,000 (for contracts signed from 1 July 2017 to 30 June 2020).
- will continue to be offered to eligible first-home buyers of new homes in metropolitan Melbourne at $10,000.
More detail is now available with these Fact Sheets:
- Abolishing stamp duty for first home buyers
- Double the First Home Owner Grant for regional Victoria, and
- Rebalancing the off the plan stamp duty concession
Hopefully these initiatives will help you - or your children - to secure their first home.
As ever, please contafct me with any queries.
Cheers, Marvin 0431 376 008