Stamp duty savings for first home buyers in Ballarat
The Victorian Government is helping more Victorians buy their dream home, with hundreds of Ballarat first home buyers saving in stamp duty costs over the past financial year.
In Ballarat, over 800 homebuyers either had their stamp duty fees waived or received a concession for a total saving of close to $10 million.
Ballarat was the third best regional centre for home buyers with Geelong and Bendigo slighty in front. In total, regional first home buyers saved a total of $119,596,079 with 9,408 paying no stamp duty at all and 381 receiving the concession.
Under the Victorian Government’s Homes for Victorians scheme, applicants don’t pay any stamp duty at all on properties under $600,000 and receive a stamp duty concession for property valued up to $750,000.
All applicants who build or buy a new home are also eligible for a $10,000 First Home Owner Grant, which is doubled to $20,000 for new homes in regional areas.
The global pandemic is having an impact on the property market and the economy, but the Victorian Government’s stamp duty concessions are making it easier for young Victorians to buy their dream home and giving vendors more opportunities to get the price they deserve for their home.
Since Homes for Victorians came into effect in 2017, 103,731 applicants have saved close to $2 billion in stamp duty across Victoria.
Quotes attributable to Treasurer Tim Pallas
“Even amid a global pandemic, it is reassuring to see that our scheme is still helping Victorians get a leg-up and enter the property market – turning their dreams of home ownership into a reality.”
“Home ownership has become increasingly difficult for young Victorians and we know it can often feel out of reach. This is why we abolished stamp duty for properties valued $600,000 or less – so first home buyers get a fair go.”
Quote attributable to Member for Wendouree Juliana Addison
“The Homes for Victorians scheme has helped hundreds of Victorians buy their first home right here in Ballarat.”
Quote attributable to Member for Buninyong Michaela Settle
“First home buyers are taking up the opportunity to move to Regional Victoria and stamp duty concessions have helped make that decision much easier.”