Victorian home buyers have saved almost $3bn on their first homes, supported by the state government’s recent Homes for Victorians package.
In Melbourne, more than 100,000 first-home buyers have received the package since the scheme was released, saving them from millions of dollars in stamp duty costs, according to a statement from the state government.
Furthermore, close to 46,000 Victorian buyers have benefitted from the First Home Owner Grant program. Grants from the program have reached over $592m. Around a third of the grants were given to regional buyers, particularly those in Casey, Wyndham, and Hume.
Latest figures show that since July 2017, more than 38,000 first-home buyer concessions and exemptions have been provided for properties in regional Victoria. This translates to a saving of more than $450m.
Roughly 28% of all recipients of the first-home buyer concessions and exemptions have been in regional Victoria, accounting for nearly 20% of the total savings provided.
“We know how important it is to help Victorians into the property market, turning the hope of owning a property into a reality,” said Treasurer Tim Pallas.
The state government recently announced the $500m Victorian Homebuyer Fund, which will operate as new shared equity scheme to support Victorians who are looking to buy a home.
The fund will help buyers reduce the size of the deposit required by contributing to the purchase price, in exchange for a proportionate equity interest. The fund will be available for buyers of established and newly-built homes.
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