The Victorian Government has changed the way in which they will be assisting first home buyers so that more people benefit.
The First Home Buyers Grant of $7,000 remains available for all those buying their first home for $750,000 or less. The grant is paid by the State Government and has no scheduled end date.
First home buyers also benefit from a 20 per cent reduction on their stamp duty bill. That means that on the purchase of a $400,000 home they will save $3,274 and on a $550,000 home they will save $4,994. The stamp duty reduction is not available for homes priced over $600,000.
The good news is that on 1 January the cut to stamp duty will increase from 20 per cent to 30 per cent. That means that on the purchase of a $400,000 home they will save $4,911 and on a $550,000 home they will save $9,321.
The stamp duty cut will then increase to 40 per cent on 1 January 2014 and then to 50 per cent on 1 September 2014.
From the 1st of July the First Home Buyers Bonus will no longer be available. The Bonus was only for first home buyers of a new home and was introduced a few years ago to stimulate the building of new homes during the GFC. It has done its job and now the governments preference is to help all first home buyers. Those buying a new home off the plan will still benefit from concessions to stamp duty.
There is other assistance available for different groups, including exemptions for deceased estates, family farms, young farmers and pensioners. Details on those programs and the exact criteria for the assistance for first home buyers can be found at www.sro.vic.gov.au.
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