Government bonuses for first home buyers

15 Mar 2017 Mansfield Courier, Mansfield VIC (General News) by Pam Zierk-mahoney Lot 15 Pleasant St Mansfield Vic 3722 Property No. 124754650 $370,900 Bedrooms 3 Bathrooms 2 Car Spaces 2 ABOLISHED stamp duty for first home buyers purchasing homes up to $600,000, plus the doubling of the first home buyers grant is likely to see a jump in real estate sales within the Mansfield district. The State Government has given younger couples and all first home buyers a bonus towards purchasing their Australian dream that of owning their own homes. Jaclyn Symes (MLC, Northern Victoria) last week welcomed a decision to abolish stamp duty for first home buyers in Northern Victoria. And as an additional bonus for contracts signed between July 1, 2017 and June 30, 2020, the First Home Owner Grant (FHOG) for regional new home purchases will double to $20,000. The increase will help first home buyers to purchase in their local community and will help support construction and employment. Under changes announced by the Andrews Government, first home buyers will have stamp duty waived on homes valued up to $600,000, which is a saving of up to $15,535. Ms Symes said the government was determined to tackle housing affordability head on. These changes will enormously assist first home buyers in Northern Victoria and make the Great Australian Dream a reality, Ms Symes said. Those buying a home valued between $600,000 and $750,000 will also be eligible for a concession, applied on a sliding scale. The exemption and concession will apply to both new and established homes which could potentially help thousands of country Victorians get their foot in the door. But not all real estate agents are positive about these latest benefits. Lex Noble of Noble Knight Real Estate said while younger couples and generally first home buyers will look closer now at purchasing, they may also see a rise in the price of homes coming on the market. Mr Noble said vendors may look at these benefits and decide that if buyers are gaining up to $35,000 in benefits to purchase, then they should get a share of that and consequently put the price of their homes up. However, these changes will make an enormous difference because on the average houses in Mansfield priced at around $400,000 would have stamp duty of about $13,000 14,000, he said. That in itself is a big saving for first home buyers. It equates to about five per cent discount on what gross costs would have been and makes it attractive for buyers. These announcements will certainly get the attention of buyers. He said already he has had some enquiries on these benefits and a couple of buyers who have looked at homes have said they will now wait until July 1 when these benefits kick in. Jaimie Beckingsale of Ruralco Property agreed saying that it does not always run in that pattern, but often when grants such as these are announced, the market becomes swamped with new properties, but at higher prices than if they had hit the market before announcements. But its a good thing anything that helps young people get into their first home is good getting people into the buyers market is good all round, Mr Beckingsale said. Its got to help and its great that it is happening in regional Victoria it will help boost the building industry as well. Derek Beautyman of John Canavan First National Real Estate believes that this will help first home buyers and the younger couples looking to get into their first homes. Largely we see most first home buyers looking at homes up to $350,000 as a general rule, Mr Beautyman said. Not too many jump that barrier. Younger couples have to look at finance which is sometimes difficult and it will depend on their income. Certainly these changes will be a big assistance and something overdue; and a great step on behalf of the State Government for first home buyers. Mr Beautyman said at present the real estate market in Mansfield was good and healthy for both buyers and sellers. The changes are a great idea great initiative, he said. Those looking for a home in the $250,000 to $350,000 range will find a strong market as will those looking as an investor; and now an added bonus for junior members of the market to get into the property the opportunity to get in now while the markets are good is great. Regional councils where first home buyers will qualify for the $20,000 FHOG include Mansfield, Benalla, Mitchell and Murrindindi among the many rural shires. Caption Text: ON THE MARKET: First home buyers looking for package deals such as this Dennis Family Home off the plan home being offered in Mansfield will attract the younger families and will attract first home buyer bonuses announced last week by the State Government. Licensed by Copyright Agency. You may only copy or communicate this work with a licence.