Tuesday 30 January 2018

The Andrews Labor Government has released the number of first home buyers who benefited from the changes to stamp duty charges introduced at the beginning of July 2017 .Across the State this was a saving of more than $212 Million for First Home Buyers.

Gippsland First Home Owners received two bonuses which helped them into their new homes – the stamp duty changes and the doubling of the First Home Owners Grant (FHOG).

The doubling of the FHOG from $10,000 to $20,000 has turned out to be a win for not just for first home buyers, but for local jobs too. The increased grant will be available to first home buyers building new homes valued up to $750,000.

The changes initiated by 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.

Already, between 1 July and 31 December 2017, 903 first home buyers in regional Victoria have received the doubled grant, compared to only 310 buyers for the same time last year. That’s about three times the amount.

Across the six local government areas (Baw Baw, Bass Coast, South Gippsland, Latrobe City, Wellington and East Gippsland) that make up Gippsland, 160 first home owners paid less or no stamp duty.

Stamp duty is 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.

Quotes attributable to Member for Eastern Victoria, Harriet Shing

“Gippslanders have eagerly taken the opportunity to save tens of thousands of dollars by being eligible for exemptions or concessions on stamp duty and receiving the double First Home Owners grant of $20,000.”

“I would encourage those thinking of buying their first home to remember that these savings and the grant are available to them and will continue to be available to them for the foreseeable future.”

“This is the Andrews Government at work -making changes that bring about positive outcomes for first home owners, the building industry and local Gippsland communities.”