Melbourne houses
Image – Canva
  • First Home Owner Grant program has cost $592M
  • $450M spent concessions and exemptions
  • Regional Victoria in particular has benefitted from the program

The Victorian Government has announced through its Homes for Victorians package, first home buyers have been spared $3 billion worth of stamp duty.

In particular, a new milestone was recently reached with 100,000 first home buyers receiving the stamp duty discount since the Homes for Victorians scheme was introduced in July 2017.

45,858 Victorians have benefitted from the First Home Owner Grant totalling $592,810,000.

“We know how important it is to help Victorians into the property market, turning the hope of owning a property into a reality.”

“We’ve saved Victorians nearly $3 billion and helped more Victorians into safe, comfortable and secure homes through our record investment in housing.”

Tim Pallas, Treasurer

According to the Victorian Government, Casey, Wyndham and Hume were the most popular municipalities for the scheme.

The package has also abolished stamp duty for first buyer purchases under $600,000 with concessions continuing until the $750,000 mark.

Despite only representing about a fifth of the total Victorian population,  30% of these First Home Owner Grants were for properties in regional Victoria. Most likely, this is caused by properties in regional Victoria being significantly cheaper than those in Melbourne, therefore, more likely to be eligible for such benefits.

Since July 2017, $450 million worth of first home buyer concessions and exemptions have been given to first home buyers across 38,538 regional properties.  28% of all concession and exemptions recipients have also been regional buyers.

The last Victorian Budget also introduced a stamp duty waiver of up to 50% of residential properties with a dutiable value of $1 million or less, providing contracts are signed before 1 July 2021. This includes first home buyers who may not be eligible for other entitlements.

Another part of the program is a $500 million Victorian Homebuyer Fund – a shared equity scheme the Government says will accelerate Victorians into homeownership.

The news comes as Victoria is currently undergoing its Big Housing Build project to increase public housing stock, however, there are warnings that despite spending $5 billion on the scheme, not enough houses will be built.

You May Also Like

Beachside bargains: Top 10 NSW suburbs for downsizing under $1m

Discover NSW’s hidden gems where coastal lifestyles and housing affordability meet.

Is Christmas FOMO leading to bad property buying decisions?

A sense of urgency could be leading to poor property buying decisions.

A growing number of buyers and renters are swiping right on digital inspections

While the option seems great for the time poor, it still misses the mark on delivering a feel for the area and scale of the home.

Sub-penthouse at Sapphire by the Gardens expected to fetch over $12M

A property in one of Australia’s iconic buildings has just been brought to the market, with price expectations in excess of $12 million

Top Articles

PropertyGuru Asia Property Awards (Australia) returns for its 7th edition, including several brand new award ...

This year's awards include several brand new categories, with entries closing 2 August 2024.

Rentvesting in Australia: A deep dive

Rentvesting offers an alternative path into the property market for priced-out first-time buyers.

Housing crisis survival guide: How to buy your first Australian property

Three property experts give the low down on how to nab a home in this tough housing market.