2 ways first home buyers are getting help from the government

July 25, 2017

BREE'S mind wanders from her work for a moment.

She and her partner Tom are eager to buy their first home. They've been hunting for months now and have seen several properties, but it's the same old story.

Every time they think they're getting close, they discover that prices have risen again. They just can't get a break.

And it's not for the lack of trying. She and Tom have been saving feverishly to build up a deposit for their first home. They've even moved in with her parents to save more money.

How are they ever going to afford a place of their own?

Finding an affordable first home in Victoria is becoming more and more difficult.

But all's not lost. The state government has just introduced two new measures to help you get into your first home sooner.

1. No More Stamp Duty

Before July 2017, any first home buyer in Victoria who purchased a property worth $600,000 was required to pay in excess of $15,000 in stamp duty.

Not any longer.

From 1 July, the state government removed all stamp duty fees for first home buyers purchasing a home worth $600,000 or less. And, those purchasing a property worth between $600,000 and $750,000 get a significant discount.

The changes are expected to help more than 25,000 first home buyers each year, by allowing them to save more than $8,000 each in stamp duty fees.

2. First Home Owners Grant

If you're buying in the Macedon Ranges and Greater Bendigo, the news gets even better.

Since 1 July, the grant for new homes in regional areas has been doubled to $20,000. That money could go a long way towards building your first home.

Don't Give Up on Your Dream

Buying your first home may seem a long way off, but you have options.

So let us help you.

No charge, no obligation. Just friendly, expert advice to help you get in your first home sooner.

Call Peter on 0438 117 706.

Posted in: First home buyers

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