Our Professionals Arbee Real Estate team was very happy when the Victorian Government announced an increase to the First Home Owner Grant as well as stamp duty cuts earlier this year. We’re sure this money saving news would have similarly sent many Bacchus Marsh residents looking to purchase for the first time cartwheeling down the streets!
From July 1 this year the First Home Owner Grant will take a leap from $7,000 to $10,000 for all newly constructed homes. In addition to this, stamp duty for all first home purchases will go down by a whopping 40 per cent. Now this is big savings in anybody’s language, and regardless of how much you may have already saved up, you’re likely to welcome this reprieve with open arms. To work out the current stamp duty on a home you can use the online calculator at stampdutycalculator.com.au. NSW and Queensland have already eliminated the first home owners grant in full, so while the Victorian Government has limited ours to new constructions only, we’re still a step ahead of the other states when it comes to remaining Government assistance.
While there is certainly no shame in renting, over the years our team has spoken with hundreds of people who would love to own their own home, and many have even spent years saving up a decent deposit, but the stamp duty stands defiantly between them and their first home. We expect this new financial assistance to make it possible for many Bacchus Marsh residents to be able to take their first step into the property market, and break the rent cycle.
If you’d like to know more, please contact us at Professionals Arbee Real Estate.
What do you think of the assistance now offered to first home owners in Bacchus Marsh?