Victorian Budget confirms First Home Buyer savings

May 05, 2017
Marvin Coleman

The Victorian State Budget, announced a few days ago, forecasts a surplus of $1.2bn for 2017/18, along with economic growth of 2.75%.  

The Budget affirmed the earlier announcements which will greatly benefit First Home Buyers. 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.

Hopefully these initiatives will help you - or your children - to secure their first home.  While it's possible market prices might change to subsume this new affordability, these initiatives certainly will be a welcome helping hand.

To explore what you might be able to borrow, please use my basic calculators or call me any time to discuss.

Cheers, Marvin 0431 376 008

Posted in: First home buyers

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