Victorian Homebuyer Fund shared equity scheme
If you’re struggling to save for a home deposit, the Victorian Homebuyer Fund could be the key to owning your home sooner. If you have a 5% deposit, the Victorian Government will contribute up to 25% of the purchase price, in exchange for an equivalent share in the property, which can reduce your mortgage. Plus, no Lenders Mortgage Insurance.
Stamp duty removed or reduced
The government have abolished stamp duty if you’re a first home buyer and buying a house for $600,000 or less. If you’re buying a home for between $600,000 and $750,000 we’ve tapered the stamp duty. It is zero at $600,000 then increases slightly as the cost of the home increases to $750,000. Young Victorian farmers will continue to be eligible for a stamp duty concession on the purchase of their first farm.
Changed stamp duty concession for off the plan purchases
In Victoria, if you buy off the plan, you only pay stamp duty on the land the property is sitting on. Until July 2017 this applied to investors as well as people who planned to live in the finished building. The concession was called the OTP concession. The concession is now only available if you are buying the property as your main home, or if you qualify for first home buyer stamp duty concessions. It is now called the PPR OTP concession. PPR stands for principal place of residence.
First Home Owner Grant
A $10,000 First Home Owner Grant is available when you buy or build your first new home.
This information is from the Vic.gov.au website and the photo by Brina Blum on Unsplash