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Millions in Stamp Duty Savings for First Home Buyers

First home buyers spared millions of dollars in stamp duty costs over the past financial year.

By Portal Admin - 30th August 2020 - Back to News

The Victorian Government is helping more people buy their dream home in regional Victoria, with thousands of first home buyers spared millions of dollars in stamp duty costs over the past financial year.

Between 1 July 2019 and 30 June 2020, first home buyers in regional Victoria saved a collective $120 million in stamp duty, with Latrobe ranking among the top regional areas to save on waivers or concessions.

There, some 457 first home buyers got either a stamp duty waiver or a concession, saving them more than $4.1 million.

They were among the 9,400 Victorians who paid no stamp duty at all on a purchases in regional Victoria and 381 who got a concession.

Under the Victorian Government’s Homes for Victorians scheme, applicants don’t pay any stamp duty on properties under $600,000 and receive a stamp duty concession for property valued up to $750,000.

All applicants who build or buy a new home are also eligible for a $10,000 First Home Owner Grant, which is doubled to $20,000 for new homes in regional areas.

Regionally, Geelong proved the most attractive area, with almost 2,000 homebuyers either having their stamp duty fees waived or received a concession, for a total saving of close to $31 million.

Across the state, more than 40,000 Victorians saved $724 million on their first homes, with the local government areas of Casey, Wyndham and Hume recording the highest numbers of stamp duty waivers and concessions.

The global pandemic is having an impact on the property market and the economy, but the Government's stamp duty concessions are making it easier for young Victorians get their foot in the door of the housing market.

More than 103,000 Victorians have saved close to $2 billion in stamp duty since Homes for Victorians was introduced in 2017.

Quotes attributable to Treasurer Tim Pallas

"Even amid a global pandemic, our scheme is helping Victorians get a leg-up and enter the property market – turning their dreams of home ownership into a reality."

"Home ownership has become increasingly difficult for young Victorians and we know it can often feel out of reach. That’s why we abolished stamp duty for properties valued $600,000 or less – so first home buyers get a fair go."

Quotes attributable to Member for Eastern Victoria Harriet Shing

"For young Victorians saving up to buy their first home, every dollar counts – and saving on stamp duty can save them tens of thousands."

"Since Homes for Victorians was introduced, we’ve helped more than 100,000 Victorians get the keys to their first home – and for those new residents who’ve done just that in Latrobe, I say: welcome home."

Source: http://gippsland.com/

Published by: support@gippsland.com