Posted in Blog on 5th May, 2017 | No Comments »

Some Welcomed Incentives for First Home Buyers



July 1st brings first home buyers some welcomed incentives. The initiative is 2-fold and offers advantages to those purchasing existing homes, along with new builds. It will give first home buyers a helping hand, by reducing the upfront costs of purchasing a home.  The exemption and concession are applicable to contracts signed from 1st July 2017, not for homes purchased before and settling after this date.

How it works! First home buyers purchasing properties valued below $600,000 will be exempt from paying stamp duty. Purchases between $600,000 and $750,000 will receive a concession on a sliding scale. The first home owners grant will be increased from $10,000 to $20,000 for new house purchases in regional areas, the City of Greater Geelong is classified as a regional area. This allows for new home builds and purchases of values up to $750,000.

The criteria to qualify for the exemption or concessions will be closely policed by the State Revenue Office and they can be contacted on  13 21 61 for criteria clarification.

This announcement has a positive influence on the market both pre and post implementation. An increase in competition will occur … Read more »