Duty free

ALMOST 2,000 residents in the City of Greater Geelong are reported to have benefited from Homes for Victorians scheme in the past financial year.

The scheme meant first home buyers have not had to pay any stamp duty on properties under $600,000 and received a stamp duty concession for properties valued up to $750,000.

Over the past financial year, first homeowners in Geelong saved a total of $30,999,995 in stamp duty concessions or waivers.

State Member for South Barwon Darren Cheeseman said the data shows the incentive has served its purpose.

“Homeownership has become increasingly difficult for young Victorians and we know it can often feel out of reach. That’s why we abolished stamp duty for properties valued $600,000 or less – so first home buyers get a fair go.”

More than 940 Victorians have benefited from stamp duty exemption in the past financial year, with a further 381 receiving a stamp duty reduction upon purchasing their first homes.

State treasurer Tim Pallas said these figures were encouraging given the challenges caused by COVID-19.

“Even amid a global pandemic, our scheme is helping Victorians get a leg-up and enter the property market – turning their dreams of homeownership into a reality.”

All applicants who build or buy a new home are also currently eligible for a First Home Owner Grant, which is $20,000 in regional areas and $10,000 in metropolitan zones.