Victorians buying their first home have saved more than a billion dollars thanks to stamp duty concessions and first home owner grants introduced by the Andrews Labor Government.
In the two years since the Labor Government slashed stamp duty payments to make it easier to get into the property market, Victorians have saved a collective $1.3 billion on properties right across the state.
More than 62,000 Victorians have claimed stamp duty concessions and exemptions – which apply to first homes costing $750,000 or less – saving them in excess of $1.1 billion.
And more than 17,000 took up the First Home Owner Grant – which provides a one-off grant of $10,000 or $20,000 for regional properties – saving $238 million.
The most popular postcodes for first home buyers under the scheme are 3064 (Craigieburn, Donnybrook, Roxburgh Park, Kalkallo, Mickleham) and 3029 (Hoppers Crossing, Tarneit, Truganina).
ABS housing data shows lending to first home buyers has increased by almost 10 per cent since the changes were introduced, with first home buyers currently making up about 22 per cent of the lending market.
The changes were part of the Homes for Victorians initiative – the largest housing package in the history of the state and one of the most generous home buyer concession programs in the country.
Under Homes for Victorians, first home buyers purchasing a house that costs $600,000 or less do not have to pay any stamp duty, while concessions apply up to a purchasing cost of $750,000.
The Labor Government is also supporting first home buyers through the HomesVic shared equity scheme, which has already seen almost 200 people buy their first home with a smaller deposit.
Under the scheme, the Government takes an equity share of up to 25 per cent in the property.
Quotes attributable to Treasurer Tim Pallas
“We know how tough it can be to buy your first house – that’s why we’ve slashed stamp duty to tackle housing affordability.”
“In just two years, our changes have helped tens of thousands of Victorians get a foothold in the property market, so they can enjoy the comfort and security of their own home.”