Big savings for first home buyers in Hume
The City of Hume, including Tullamarine, is one of the top three areas across Melbourne to have benefitted from stamp duty savings introduced by the State Government.
Established in July 2017, the ‘Homes for Victorians’ scheme was created to give a larger percentage of young Victorians a chance to buy a home of their own. As part of the package, no stamp duty is payable on first homes that cost less than $600,000 and there are large discounts on stamp duty for homes under $750,000.
In delivering the results recently, Treasurer Tim Pallas said that $1.76 billion, including $1.4 billion in Melbourne and $309.8 million in regional Victoria, have been saved by the 100,000 new homeowners who have taken part in the scheme, adding:
He said the most popular Local Government areas in the scheme were Casey, where applicants saved $174.9m, Wyndham ($159.2m) and Hume ($123.8). Regionally, the top three were Geelong ($74.4m), Bendigo ($23.7m) and Ballarat ($24.1m).
Brochure printing campaigns by real estate firms have often drawn great interest from first home buyers, who often struggle to raise the funds needed to make a purchase.
Mr Pallas said that those wishing to buy or build their first new home could also be eligible for a First Home Owner Grant of $10,000, with $20,000 available for those in regional areas of Victoria.
Established in July 2017, the ‘Homes for Victorians’ scheme was created to give a larger percentage of young Victorians a chance to buy a home of their own. As part of the package, no stamp duty is payable on first homes that cost less than $600,000 and there are large discounts on stamp duty for homes under $750,000.
In delivering the results recently, Treasurer Tim Pallas said that $1.76 billion, including $1.4 billion in Melbourne and $309.8 million in regional Victoria, have been saved by the 100,000 new homeowners who have taken part in the scheme, adding:
“Homeownership is something increasingly difficult for young Victorians to achieve, but we’re providing that little bit of help that makes it a reality.”
He said the most popular Local Government areas in the scheme were Casey, where applicants saved $174.9m, Wyndham ($159.2m) and Hume ($123.8). Regionally, the top three were Geelong ($74.4m), Bendigo ($23.7m) and Ballarat ($24.1m).
Brochure printing campaigns by real estate firms have often drawn great interest from first home buyers, who often struggle to raise the funds needed to make a purchase.
Mr Pallas said that those wishing to buy or build their first new home could also be eligible for a First Home Owner Grant of $10,000, with $20,000 available for those in regional areas of Victoria.