Good News For First Home Buyers In Victoria

Those thinking about buying their first home may be encouraged by recent changes to property purchasing rules enacted by the Victorian government.

To increase the benefits available to real estate seekers, the state government has begun the process of reducing stamp duty.

The Real Estate Institute of Victoria confirmed that first home buyers now benefit from a 20 per cent reduction in the mandatory fee that is available for homes priced under $600,000.

Stamp duty will be reduced by an additional ten per cent beginning January 1 2013, again beginning January 2014 and again finally in September 2014 to a total reduction of 50 per cent.

The First Home Buyers Grant of $7,000 will also remain for those who are buying property for $750,000 or less.

The concession is funded by the state government and has no scheduled end date.

Stamp duty cuts have the potential to incur huge savings for new home owners.

A chat to your local mortgage broker can help you take advantage of state funded grants to support your first home purchase.

To get more detailed information on your situation, talk to a Loan Market mortgage broker today.