The Victorian Government is helping more people buy their dream home, with thousands of first home buyers spared millions of dollars in stamp duty costs over the past financial year.
Wyndham had 3,815 people get the keys to their first home, the highest in Victoria. Collectively they saved $68,279,111 in stamp duty concessions or wavers, the second highest in the state.
The latest data shows that they were among the 40,000 first home buyers to save a collective $724 million in stamp duty between 1 July 2019 and 30 June 2020.
Across the state, the local government areas of Casey, Wyndham and Hume recorded the highest numbers of stamp duty waivers and concessions, while for regional Victoria, it was Geelong, Bendigo and Ballarat.
More than 9,400 Victorians paid no stamp duty at all and 381 received the concession when buying their first home in regional Victoria, saving $120 million all up.
Under the Victorian Governments Homes for Victorians scheme, applicants dont 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 Governments stamp duty concessions are making it easier for young Victorians get their foot in the door of the housing market.
More than 103,000 Victorians have saved close to $2 billion in stamp duty since Homes for Victorians was introduced in 2017.
Quotes attributable to Treasurer Tim Pallas
Even amid a global pandemic, our scheme is 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. Thats why we abolished stamp duty for properties valued $600,000 or less so first home buyers get a fair go.
Quotes attributable to Member for Tarneit Sarah Connolly
So many young people are moving to Wyndham to start families and build their dream homes. Saving on their stamp duty helps make this dream possible.