Homebuyers saving on stamp duty

IN the 2019-2020 financial year, more than eight hundred Ballarat homebuyers had their stamp duty fees reduced or removed.

Approximately, $10 million was saved under the State government’s Homes for Victorians program, where buyers spending under $600,000 don’t have to pay stamp duty, and those purchasing properties in the gap to $750,000 receive a concession.

Building designer, John Davison was able to buy his first home in Mount Pleasant in November last year.

Because he, and his wife, wanted and ended up purchasing an established home, the first homeowners grant was off the table, but stamp duty savings ensured they could achieve their goal.

“My wife got pregnant in September, and that turbocharged our plans, so we wanted to get into a house before the baby came,” he said.

“When we found our place, we put an offer in, went for it, but didn’t have a great deal of money, so the stamp duty exemption was the difference between us buying and not buying at the time.

“We’re really happy we got into a place before the baby, because I can’t imagine trying to deal with that now. We were very lucky in that regard.”

Mr Davison said the application process was “straightforward and easy.” The couple are most likely already financially benefiting from their investment, too.

“When you’re renting and trying to save a deposit, you’re chasing your tail…but our house has probably gone up in value by a reasonable amount already.

“It would be great if more people could take advantage of these schemes sooner rather than later; it’s a good result,” he said.

“Going out to a new subdivision is not the only option. There’s benefits to buying an established home, and then modifying it to suit your needs as time goes on. You don’t necessarily need to build.”

Member for Buninyong, Michaela Settle said regional Victoria is a great place to ground your life.

“The regional stamp duty concessions are making it easier for first home buyers to make the move,” she said.