changes to first home buyer grants in victoria
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Nathan Mawby of the Herald Sun writes
“A TOTAL of 20,000 Victorian first-home buyers a year will miss out on assistance under state government plans to dump grants for established homes.
In changes announced this week, first-home buyers who buy an established home after June 30 will not receive the $7000 grant currently on offer.
They will become the only first-home buyers this century to face Melbourne’s market without the help of government grants.
And the state’s most vulnerable buyers will be the worst affected.
Stamp duty cuts that the Government is bringing forward will have a smaller impact on cheaper properties. The Government has amended its assistance plans to offer those buying newly built first homes a $10,000 grant. It will also increase stamp duty cuts from 30 per cent to 40 per cent six months early.
Real Estate Institute of Victoria figures show buying a $300,000 established property before June 30 will come with $10,411 in government assistance, but buy after the date and it is just $4548.”
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