The Victorian Government has revealed that its stamp duty reductions aimed at helping first time buyers have saved a total of $1.76 billion for young Victorians.
The ‘Homes for Victorians’ package, launched three years ago, has helped more than 100,000 people buy the home they want in the suburb they love.
Homes under $750,000 received large stamp duty discounts, whilst homes under $600,000 had the stamp duty waived completely, resulting in almost $2 billion saved since July 2017.
Treasurer Tim Pallas praised the project and said it was thanks to Homes for Victorians that many new owners were able to purchase their dream home.
“We’ve helped 100,000 Victorian homeowners secure the keys to the home of their dreams,” he said.
“This program has made a huge difference helping people enter the market and make a house a home,” Mr Pallas said.
Since Homes for Victorians’ introduction, 81,061 have paid no stamp duty at all, whilst 19,138 Victorian homeowners have received a stamp duty concession on their first home.
Mr Pallas said that the scheme was successfully providing an extra push for first time buyers taking their first step onto the property ladder.
Homeownership is something increasingly difficult for young Victorians to achieve, but we’re providing that little bit of help that makes it a reality.Treasurer Tim Pallas
Unsurprisingly, the largest chunk of savings across the state has been seen in Melbourne, where more than $1.4 billion has been saved, with Casey, Wyndham and Hume proving to be the three most popular local government areas for stamp duty discounts.
Regional Victoria saw a total of $309.8 million saved, with almost $75 million saved in Geelong.
First home buyers or builders are also eligible for the Victorian Government’s $10,000 First Home Owner Grant which is doubled to $20,000 for regional areas.