Saving Victorians Millions On Their First Home

Victorians buying their first home have collectively saved more than $735 million this year thanks to the Andrews Labor Government's stamp duty concessions.

Under sweeping changes introduced by the Labor Government to make it easier for people to get into the property market, first home buyers in Victoria get stamp duty discounts on houses up to $750,000 and don't pay any stamp duty on properties under $600,000.

All first home buyers are also eligible for a one-off $10,000 First Home Owner Grant, which the Labor Government doubled to $20,000 for regional first home buyers.

From January to November this year, Victorians saved more than $576 million in total off stamp duty - with individual home buyers saving tens of thousands of dollars on their first house. First Home Owner Grants totalled almost $160 million in the same period.

The most popular postcodes for first home buyers under the scheme this year include 3064 (Craigieburn, Donnybrook, Roxburgh Park, Kalkallo, Mickleham), 3029 (Hoppers Crossing, Tarneit, Truganina) and 3978 (Cardinia, Clyde, Clyde North).

Victorian first home buyers have now saved a total of $1.72 billion since Homes for Victorians was first introduced in July 2017.

Despite a general downturn in the property market, Australian Bureau of statistics housing data shows lending to first home buyers has jumped by almost 10 per cent since Homes for Victorians was introduced, to 31 per cent of the market.

As noted by Treasurer Tim Pallas

"Our reforms have helped thousands of Victorians enjoy their first Christmas in their own home."

"This ground-breaking initiative has supported many Victorian families since it was first introduced, saving them more than $1.72 billion - with more to come."