Victorian first home buyer incentives change next week

By the resi financial blog team, 29 August 2013

First home buyer incentive changes 2013 VIC

First home buyers in Victoria currently looking at purchasing a new home may be interested to hear that changes to first home owner incentives take effect next week (July 1).

This is great news for those entering the market for the first time, as it may make the opportunity of securing a home with a first home buyer loan slightly easier.

In April this year the Victorian state government increased its support for first home buyers in an effort to boost new home sales in the state.

Changes to the state first home buyers incentives include increasing the grant from $7,000 to $10,000 for properties valued below $750,000.

The grant is now only available for brand new properties, which will help to encourage growth in the housing sector across the state.

A further change to benefit real estate buyers in Victoria, is the rise in the stamp duty concessions.

The discount rate will be increased from 30 per cent to 40 per cent next week, with a further boost up to 50 per cent in September this year.

Master Builders Association Victoria has welcomed these changes, with the deputy executive director Radley de Silva stating that they will help to boost the local building industry.

"Incentivising first home buyers to purchase newly constructed homes is a win-win situation for the local economy. More people will be able to afford a home and more builders will remain viable," he said in a June 27 statement.

"These initiatives will help our industry to rebound, support local businesses and stimulate investment in the community."

For expert home loan advice and help navigating through applications for first home owner grants, contact one of the loan specialists at resi today. We will endeavour to make sure that everything runs smoothly through this exciting time in your life, while providing you with some of the best loans for first home buyers.

Categories: Home Loans