If you are a first home buyer or know someone that is looking to buy their first home then this should interest you, recently the State Government announced some changes in the way of new initiatives for first home buyers in Victoria, these changes come into effect on the 1st of July 2017 and include –
The removal of stamp duty for homes purchased under $600,000 this includes both new and established homes.
Further stamp duty reductions for both new and established homes on a sliding scale for homes purchased between $600,000 and $750,000.
New homes purchased in regional Victoria below $750,000 will see a doubled First Home Owners Grant from $10,000 to $20,000.
There will also be changes to the off the plan stamp duty concessions for those who qualify and a new tax for those who have vacant homes in Melbourne suburbs, this does exclude holiday homes.
With all of these new incentives first home buyers must still be vigilant with purchases and avoid the common pitfalls to ensure they are buying the right property for them.
Select Property Advisors have packages tailored to first home buyers and offer a no obligation consultation to see how we can help you find your first home.