New property-buying initiatives for first home buyers – announced by the Victorian Government this month – will be a key focus at the REIV’s free Homebuyers Seminar in April.
The free event, being held on Wednesday 19 April 2017 from 6pm-8pm at the State Library of Victoria, will provide attendees with information on all aspects of property buying, including an overview of the current market.
From 1 July this year, thousands of first home buyers will no longer pay stamp duty on properties under $600,000, improving access to the housing market for these buyers.
Stamp duty concessions for first home purchases ranging between $600,000 and $750,000 will also apply on a sliding scale.
These much-anticipated reforms will deliver savings of up to $15,000 by exempting first-time owners from stamp duty on new and existing properties under the $600,000 threshold.
Furthermore, an innovative $50 million pilot program will also provide around 400 people with the chance to co-purchase a dwelling with the Government, which will retain an equity share of up to 25% for each property – in turn reducing the deposit that a first home buyer would normally pay.
The HomesVic program will begin in January and is aimed at couples earning up to $95,000 and singles earning up to $75,000.
REIV CEO Gil King said strong price growth across the state has made it more difficult for first home buyers to get a foothold on the property ladder.
“The free seminar will assist first home buyers and investors in understanding the property market, the process of finding the right home for you as well as significant changes to price quoting legislation,” he said.
Parke Lawyers Executive Counsel Brendan Reilly, who will be presenting at the seminar, said ensuring buyers understand what they are buying and are fully acro