Aid for first home buyers in Victoria as stamp duty concessions increase

By the resi financial blog team, 02 September 2014

Aid for first home buyers in Victoria as stamp duty concessions increase

Taking out a home loan and moving into the property market can be a daunting experience. This is a huge investment to make for any Australian and is often a life-long commitment. However, now first home buyers in Victoria have a little more aid from the state government, with the stamp duty concession for the region increasing to 50 per cent from September 1. This could be an immense help for those looking into taking out their first home loan in the coming months. 

Treasurer Michael O'Brien said the cut would be useful for helping thousands of first time buyers and will make purchasing a home much more affordable heading into the future. The government predicts that this increase will save up to $200 million for approximately 26,000 buyers in the state over the coming year. 

"This boosted stamp duty concession will make home ownership more affordable and support jobs by stimulating the housing construction industry," said Mr O'Brien in an August 31 statement. With almost 60,000 first time buyers already taking advantage of the concession since it was introduced in 2011, the popularity of the funding cannot be denied. 

The possibility of saving up to $15,535 in stamp duty on dwellings valued up to $600,000 will likely be a confidence boost for many first time buyers. When combined with the Victorian First Home Owner Grant - valued at $10,000 - it's possible for these buyers to secure a large $25,535 in funding for a  first home in the state. 

With the impending population boom heading towards the nation, these changes will be essential in helping the economy develop , as well as assisting new home buyers to secure their own Victorian home.

Get in touch with the team at resi today to discuss the financial options available to you and begin the journey towards purchasing your own property in the future. 

Categories: Home Loans, Personal Finance