There is a sentiment among GenYs that their predecessors had such a great time at Woodstock and riding the property boom, they failed to properly consider the financial impact it would cause their future offspring, resulting in the current market lock-out.
While property prices continue to rise; GenYs feel slighted about the circumstances they’ve been handed. Many are struggling to enter the property market citing affordability and finance as the two major issues preventing them from getting a foot in the door.
Now for the good news for GenYs: The Victorian Government has implemented new housing reforms to help relieve the burden of housing affordability by increasing the First Home Owners grant and abolishing some stamp duty fees and concessions.
This is exciting news for anyone looking to get into the property market; however, it’s conditional so be sure to read the fine print below.
Should you wish to take advantage of these reforms; DE can ensure you are across the fine print and help finance your dream of attaining your home.
New Law reforms helping GenYs enter the property market include:
- Increased First Home Owners Grant:
More money for you.
It’s true. First Home Owners entering into Contracts of Sale between 1st July 2017 and 30th June 2020 will be eligible to receive grants between $10,000 to $20,000, when building new homes valued up to $750,000 in regional Victoria.
This is welcome news for GenYs in regional Victoria and for those living in Melbourne, they can take heart at knowing there’s 17 new suburbs to be built in Melbourne in the next two years, offering more opportunities.
- Abolished and Reduced Stamp Duty for First Home Buyers:
Less payouts by you.
Hooray! GenYs across Victoria rejoice: Contracts of Sale signed after 1st July 2017 by first home owners will not be required to pay stamp duty on new or existing homes with a purchase price of less than $600,000 or below.
This is great news for those struggling with affordability and it applies to all residences including apartments and townhouses.
Some more good news: a reduction of stamp duty will be provided to first home buyers on a sliding scale for properties with a purchase price between $600,000 and $750,000, making it possible to get the benefits of this reduction on properties in sought-after inner suburbs.
- Abolished off-the-plan stamp duty concessions:
Less pay outs by you.
Yes! As of 1st July 2017, off-the-plan stamp duty concessions will be abolished under certain circumstances. Those eligible for first home buyer stamp duty concession and who intend to have the off-the-plan property as their principal place of residence qualify.
So while Woodstock and the property boom fosters some envy; with these reforms, GenYs can begin to forge their own path to freedom and true love.
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