The Andrews Government is helping more people buy their dream home, with thousands of first home buyers spared millions of dollars in stamp duty costs over the past financial year.
Member for Narre Warren South Gary Maas MP, was pleased to announce that 3,704 people in Casey got the keys to their first home and saved $72,645,002 in stamp duty concessions or waivers. The highest local government area savings in the State.
The latest data shows that they were among the 40,000 first home buyers to save a collective $724 million in stamp duty between 1 July 2019 and 30 June 2020.
Across the state, the local government areas of Casey, Wyndham and Hume recorded the highest numbers of stamp duty waivers and concessions, while for regional Victoria, it was Geelong, Bendigo and Ballarat.
More than 9,400 Victorians paid no stamp duty at all and 381 received the concession when buying their first home in regional Victoria, saving $120 million all up.
Under the Victorian Government’s Homes for Victorians scheme, applicants don’t pay any stamp duty at all on properties under $600,000 and receive a stamp duty concession for property valued up to $750,000.
All applicants who build or buy a new home are also eligible for a $10,000 First Home Owner Grant, which is doubled to $20,000 for new homes in regional areas.
The global pandemic is having an impact on the property market and the economy, but the State Government's stamp duty concessions are making it easier for young Victorians to get their foot in the door of the housing market.
More than 103,000 Victorians have saved close to $2 billion in stamp duty since Homes for Victorians was introduced in 2017.