The Victorian government in 2017 announced that it will abolish stamp duty for First Home Buyers purchasing a property valued up to $600,000, while discounts will be available for homes valued between $600,000 to $750,000. This new rule will take into effect on the 1st of July 2017. And it will be applicable to both new and established homes.
What could this new scheme mean for you as a First Home Buyer?
It means savings of up to $15,535 in stamp duty (for a $600,000 property). It means that you can enter the property market with less deposit. And thereby allowing you to own your dream home sooner.
A First Home Buyer in Melbourne only needs to come up with the 5% GENUINE SAVINGS DEPOSIT and coupled with the $10,000 grant can purchase their dream home sooner. A First Home Buyer in Regional Victoria should still come up with the 5% GENUINE SAVINGS DEPOSIT but gets a higher grant of $20,000.
What if your 5% deposit comes from a gift from your family, sale of an asset, bonus from work, a tax refund, sale of a car or an inheritance, can you still purchase your home today even if the 3 months savings has not been established yet? Have you heard of non-genuine savings with rental history?
With the combination of the Victoria stamp duty exemption and First Home Owners Grants for new homes in Victoria, would you, as a First Home Buyer, look into entering the market after the 1st of July 2017?
Would you like to know more? Leave your name, email address and mobile number to get our free Guide for First Home Buyers in Melbourne and Regional Victoria. I will also send you a copy of my e-book on the Top 7 Tips to Get Your Home Loan Approved.
The first of a series of interviews I am doing with SBS Filipino on the housing market in Melbourne and Victoria and how first time buyers can purchase their first home with a 5% deposit.
This article is for general information only and should not be considered personal financial advice. Before making a financial decision, you should seek independent advice from a mortgage broker, financial planner or an accountant. Maria Papa is a senior finance expert specialising in home loans, investment loans, self-employed loans, Lo Doc loans, car loans, personal loans and loan protection.She has offices in Sydney and Melbourne. If you have questions, you can call Maria at 0430 144 008 or email her at firstname.lastname@example.org.
Originally published November 5, 2018 8:00:00 AM, updated November 20 2018