Victorian First Home Buyers save over a billion dollars in two years

Victorian First Home Buyers save over a billion dollars in two years
Olivia RoundJuly 17, 2019

Stamp duty concessions and first home owner grants are to thank for Victorian first home buyers’ mega saving of over a billion dollars in the past two years.

New data has just been released that shows more than 62,000 Victorians claimed stamp duty concessions and exemptions for a home purchased under $750,000, which results in a $1.1 billion saving since the rates were slashed back in 2017.

Another statistic showed that more than 17,000 home buyers utilised Victoria’s First Home Owner Grant of $10-20,000, which has saved new home owners $238 million.

“We know how tough it can be to buy your first house – that’s why we’ve slashed stamp duty to tackle housing affordability. In just two years, our changes have helped tens of thousands of Victorians get a foothold in the property market, so they can enjoy the comfort and security of their own home.”

Treasurer Tim Pallas

First home buyers have been entering the market at a steady increase since the changes, with more predicted to make purchases in Q3 and Q4 of this year following the substantial interest rate cuts.

The Victorian Government has also released a summary of the top postcodes for first home buyers:

HomeVic is another incentive introduced by the Labor Government which aims to assist first home buyers entering the property market by offering a shared equity arrangement, meaning the government will own a 25% share of the property.

 

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Lead image credit: Condé Nast Traveler

Olivia Round

Olivia Round is the Features Editor of urban.com.au. Olivia specialises in news reporting, in-depth editorial content and video + podcast interviews with industry experts.