The first batch of figures from the Victorian Government’s groundbreaking Homes for Victorians initiative highlight a large number of first home buyers taking advantage of the scheme.
A year after its launch, more than 17000 first home buyers have benefited from stamp duty exemptions and concessions, while more than 2000 have received first home owner grants to break into the housing market.
In the eight months to February, almost 14000 first home buyers across Victoria paid no stamp duty, while another 3200 paid reduced stamp duty — a saving of more than $310million that has gone back into the pockets of hard-working Victorians.
The doubling of the first home owner grant in regional Victoria has also seen 1285 buyers receive the $20000 grant — a saving of more than $25million for regional Victorians.
For lower income households, the government is piloting HomesVic, a new shared equity scheme to help up to 400 eligible first home buyers reduce the amount of money needed to buy their own home.
A broad range of metropolitan and regional areas are included in the scheme, including 85 Melbourne suburbs and 130 regional towns and suburbs, with about 1000 applications already submitted.