In this week’s two minute property investment news video I talk about first homebuyers getting a boost in 2 states.
Victorian first home buyers are receiving a bonus. As of 1st September, Victoria’s first time purchasers are gaining an additional 10 per cent discount on their stamp duty.
A State Government scheme initiated in July 2011 has seen discounts progressively phased in, and this final cut means fortunate first homebuyers will now benefit from an overall halving of their stamp duty responsibilities.
The stamp duty savings apply across both established and new housing unlike the First Home Owners Grant in Victoria, which is a $10,000 boost for those buying a new home as their first purchase.
Of course this disparity between boosting new property over established homes has been a source of hot debate across many jurisdictions throughout the country.
In other news and still on grants – the Tasmanian Government decided rather than terminating their $30,000 First Home Builder Boost as planned at the end of 2014, they’ll reduce it to $20,000 and extend its availability for a further six months.
Comments from the State’s treasurer, Peter Gutwein, indicate the move is geared towards continued stimulation of both the building industry and employment in construction.