News

Affordability issues tackled

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March 15, 2017

The decision to get rid of stamp duty for first-home buyers has been welcomed by State Member for Northern Victoria Jaclyn Symes.

Under changes announced by the Andrews Government, first-home buyers will have stamp duty waived on homes valued up to $600000, which is a saving of up to $15535.

Ms Symes said the government was determined to tackle housing affordability head on.

‘‘These changes will enormously assist first-home buyers in Northern Victoria and make the great Australian dream a reality,’’ Ms Symes said.

‘‘Those buying a home valued between $600000 and $750000 will also be eligible for a concession, applied on a sliding scale.

‘‘The exemption and concession will apply to both new and established homes, which could potentially help thousands of country Victorians get their foot in the door.’’

Ms Symes said in a further move to help those buying their first home, the government would also remove off-the-plan stamp duty concessions on investment properties.

‘‘It means the off-the-plan stamp duty concession will now be available solely for those who intend to live in the property or who are eligible for the first-home buyer stamp duty concession,’’ she said.

‘‘In the past, if you worked hard and saved enough, you could afford to buy your own home. Now, that’s getting harder and harder and we believe our plan will help more Victorians break into the housing market.’’

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