How the stamp duty exemption and government grants can help first home buyers in VIC
In Victoria, new build options with stamp duty exemptions and government grants can significantly reduce the total deposit required for first home buyers.
Full transcript
They would've needed $109,000. Whereas a new build option, their total deposit actually dropped down to be around $30,000.
So, our clients there, Berenice and Louise, they came to us. Good incomes, decent savings. But when we looked at what they would have needed for an established house, they would've needed about $109,000. A big proponent of that is the stamp duty here in Victoria.
Whereas when we looked at a new build option for them, we're able to claim stamp duty exemption, 5% deposit scheme, plus the Victorian first homeowner's grant. And what that meant was that their total deposit actually dropped down to be around $30,000.
So that's what opened up the opportunity for them to be able to buy. They took advantage of that. This time last year, construction started towards the end of last year. And here we are, and they're in their brand new home. So it's a pretty cool story all around.