First home owners benefits – Do you know what’s available?

Now that we have reached the end of another financial year, it’s a good time for first home buyers to start researching whether or not they are ready to jump into the property market.

A lot of first home buyers are unaware of the ins and outs of what government grants, exemptions or concessions are available to them as a first time buyer, particularly as rules can change from year to year.

We have provided a quick cheat-sheet of what first home buyer benefits are available in Victoria as of 1 July 2018.

First Home Owner Grant

A First Home Owner Grant of $10,000 is available for Victorian buyers building or purchasing a new house, townhouse, apartment, unit or similar valued up to $750,000.New homes built in regional Victoria are eligible for a $20,000 grant if the value is $750,000 or less.

Stamp Duty Exemption

Eligible first home buyers are entitled to a stamp duty exemption on the purchase of a new or existing dwelling valued under $600,000.

Stamp Duty Concession

Eligible first home buyers can receive a stamp duty concession if they purchase a new or existing dwelling valued between $600,000 and $750,000.

There are a number of conditions on buyers claiming grants, exemptions and concessions. To find out if you’re eligible visit www.sro.vic.gov.au/first-home-owner.

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