Victorian first homebuyers gain new incentives
The Victorian government has introduced a number of measures designed to make the ownership of a home more achievable.
The recent reduction in stamp duty for first-time buyers for the next 12 months may make the idea of buying residential property highly desirable to those who have not entered the market.
This is especially useful to buyers in Victoria, as the tax is quite high when compared to that required by other states.
According to the Real Estate Institute of Victoria, this reduction has the potential to translate into a saving of $6,214 on a loan of $600,000.
However, this could be offset in part by the First Home Owners Grant kept in place by the government, which gives eligible buyers access to additional funds when purchasing their new home.
On top of this, the recent reduction in interest rates by the Reserve Bank of Australia from 4.5 per cent to 4.25 per cent could be passed on to mortgage holders by loan providers - delivering yet another incentive to those investigating the prospects of owning their own home.
These market conditions could deliver the Victorian residential property market with a boost in the number of first homebuyers over the new year.