Grants Cut for First Home Buyers of Existing Dwellings on 1 July
Grants Cut for First Home Buyers of Existing Dwellings on 1 July.
Hot News for First Home Buyers planning to buy existing homes. They have only 8 Saturdays left to purchase a property if they want to secure the $7,000 currently on offer to First Home Buyers at the moment. The State Government of Victoria has decided to offer a $10,000 grant to buyers of new property after the 30th of June. Buyers of existing property will only be able to benefit from the Stamp Duty concessions that apply to all First Home Buyers. The Victorian State Government has also decided to bring forward the planned reduction of stamp duty from 30% to a 40% discount for first home buyers from 1st of July, 2013. Will this news spur First Home Buyers into a flurry of activity pre 30th of June in an attempt to buy before they lose this $7,000? We will be cautioning our clients who are First Home Buyers not to panic and overpay just to secure the $7,000 grant. In fact, buying pressures may ease after 30th of June if people panic buy now.
First Home Buying with Buyer Solutions
In changes announced this week, first-home buyers who buy an established home after June 30 will not receive the $7000 grant currently on offer.
Stamp duty cuts that the Government is bringing forward will have a smaller impact on cheaper properties. The Government has amended its assistance plans to offer those buying newly built first homes a $10,000 grant. It will also increase stamp duty cuts from 30 per cent to 40 per cent six months early.
For up to date information on what’s happening in real estate in Melbourne, contact Janet at jspencer@buyersolutions.com.au or 0418 101 146.
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