HELPING FIRST HOME BUYERS GET AHEAD
Data released from the State Revenue Office (SRO) confirms that the Andrews Labor Government’s Homes for Victorians package is already helping first home buyers.
Data for the months of July and August shows that nearly 1000 Victorians have benefited from the complete removal of stamp duty on all first home purchases under $600,000. A further 132 benefited from a reduction in their stamp duty bill on properties between $600,000 and $750,000.
In the City of Hume, the data indicates that 50 households benefited from cuts to stamp duty, announced in the Homes for Victorians package. This includes 46 families who were exempt from stamp duty, the third highest number of exemptions in the state. An additional 4 families received a reduction in stamp duty.
Member for Yuroke Ros Spence said that this was a significant boost for young people and families as they looked to enter the housing market.
Statewide the number of regional first home buyers claiming the grant increased nearly six-fold compared with the same time last year, from 26 in 2016 to 161 in 2017.
These changes took effect on 1 July 2017 and the Government expects that first home buyers will continue to save, with over $37 million in savings already.