Friday, 30 June 2017

From 1 July a number of changes will be made to Victoria’s tax system to tilt the playing field in our housing market towards first home buyers.

We’re helping Victorians trying to get into their first home, not their second, fifth or tenth.

Stamp duty will be abolished for first home buyers for purchases below $600,000, and those buying a home valued between $600,000 and $750,000 will also be eligible for a concession, applied on a sliding scale.

This change is expected to help more than 25,000 Victorians find their first home and will tackle housing affordability head on in Gippsland. This will save the average homebuyer thousands of dollars and allow first home buyers to reduce pay down their mortgage quicker.

The First Home Owner Grant will also be doubled in regional Victoria, expected to help up to 6,000 first home buyers, the Grant will increase from $10,000 to $20,000, commencing 1 July 2017. The increased grant will be available to first home buyers building new homes valued up to $750,000
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The changes from the Andrews Labor Government will make it easier for young people in Gippsland to build and live in their own community, as well as boosting local construction jobs and development.

These changes are currently being held up and opposed by the Liberal Party in Parliament –putting at risk the introduction of these changes on 1 July and providing the helping hand that first home buyers need.

Quotes attributable to Member for Eastern Victoria, Harriet Shing

“Abolishing stamp duty for first home buyers purchasing up to $600,000 will bring the dream of first home ownership closer for so many people in Gippsland, and make it easier for people to break into the market as our population grows.”

“Gippsland is a wonderful region; it’s a key focus of our government’s record investments in regional programs and infrastructure, and this support for first home buyers will go a long way towards better housing affordability in our communities.”