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