Finally, the Victorian government has had a moment of inspiration many torturous years in the making.
FHB in regional areas are set to reap a $20K grant whilst their city counterparts remain at $10K, however, stamp duty on new dwellings up to $600K is no longer applicable, a saving of $15K. If the price is pushed beyond that, then there is a discounted stamp duty up to $800K.
The news that is especially interesting to me is the co-ownership scheme where the government becomes your partner.
A $50 million pilot program will also give about 400 people the chance to co-purchase a dwelling with the government, which will offer to take an equity share of up to 25 per cent for each property – in turn reducing the deposit that a first home buyer would otherwise pay.
The so-called "HomesVic" program will begin in January next year, targeting couples earning up to $95,000 and singles earning up to $75,000. Buyers will need a 5 per cent deposit to be eligible, and when the property is sold, the government will recover its share of the equity.
The details are yet to filter through but on the surface, this could really work for FHB so seriously think about this strategy.
Team up with someone and really accelerate your buying capacity and wealth building strategy. Good luck and get into it!