MAKING HOME OWNERSHIP A REALITY IN CRANBOURNE
Thousands of Victorians now have the comfort and security of a new home thanks to the Andrews Labor Government’s ground-breaking Homes for Victorians initiative.
Changes to the first home buyer stamp duty concession and first home owners grant came into effect on 1 July 2017.
Since then more than 28,000 first home buyers have benefited from stamp duty exemptions and concessions, while more than 6,000 have received first home owner grants to break into the housing market.
In the first year of these changes more than 1651 first home buyers in Casey paid no stamp duty at all, while 626 paid reduced stamp duty – a saving of nearly $48 million that has gone back into the pockets of hard working Victorians.
That compares to around 1535 first home buyers that received a concession in 2016/17.
There has been a strong uptake of the First Home Owners Grant (FHOG) with nearly 6,100 applications in 2017/18. That means more savings for Victorians – with total savings of more than $85 million.
Locally that there have been 701 first home buyers who have received the FHOG. This has resulted in savings of $7.01 million.
The Labor 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, with 60 participants having already signed property contracts.
A range of metropolitan and regional areas are included in the scheme – including 85 Melbourne suburbs and 130 regional towns and suburbs.
Quotes attributable to Member for Cranbourne Jude Perera MP
“After a year of operation our reforms are saving Victorians thousands of dollars and helping more first home buyers, like those in Cranbourne break into the housing market.”
“It’s part of our ongoing investment to make housing fair for all Victorians, whether they’re buying or renting.”