Attention first home buyers!! July 1st has finally arrived and there are several policies from the federal and state budget that you MUST know about. DON’T wait any longer, these incentives may help you to afford your first home faster.
First Home Super Saver Scheme – In a bid to make saving for your first home a little easier, you will be able to make pre-tax voluntary contributions to your superannuation account.
From 1 July 2017, you will be able to deposit up to $15,000 per financial year to a total of $30,000, to your superannuation account to purchase a first home.- Contributions and withdrawals are taxed at a lower rate than they would otherwise taxed so first home buyers can save more money in this scheme.
- After July 1st, 2018, you will be able to withdraw these savings for your first home deposit
Stamp Duty Concessions in Victoria:
- For first home buyers that are purchasing their Principle Place of Residence, stamp duty (land transfer duty) will be ABOLISHED for homes with a value <$600,000. For a home valued up to $600,000 this would be a savings of approximately $15,000in the cost of your home. For homes valued between $600,000- $750,000 a concessional stamp duty will be calculated based on a sliding scale
First home buyer grant (FHOG):
- There will be an increase in the FHOG from $10,000 to $20,000 for new homes built in regional Victoria valued up to $750,000
- Eligible first home buyers of new homes in metropolitan Melbourne will continue to receive the $10,000 FHOG
Disclaimer:
This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product.
A one-off First home owner grant is payable to first home owners that satisfy all the eligibility criteria. To obtain more information, please refer to State Revenue Office http://www.sro.vic.gov.au/first-home-owner.
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