Buying a new home can be difficult in today’s Australian property market. Rising interest rates can cause what’s known as “pent-up buyers” which fuels further uncertainty in the market and effect the economy as a whole. The state and federal government have multiple incentives available to assist with buying a home in Victoria. We’ve listed them below so you can better asses your options in an uncertain market.
- $600,000 or less: no stamp duty
- $601,000 to $750,000: stamp duty concession
- First Home buyer
- Australian Citizen or Permanent Resident
- Principle place of residence for at least 12 months
- $10,000 rebate
- First Home buyer
- Australian Citizen or Permanent Resident
- Principle place of residence for at least 12 months
- 5% deposit only, no mortgage insurance
- First Home buyer
- Australian Citizen only (PR is not eligible)
- Principle place of residence for at least 12 months
- 2% deposit only, no mortgage insurance
- Can previously own a property
- Australian Citizen only (PR is not eligible)
- Principle place of residence for at least 12 months
- 5% deposit (3.5% for Aboriginal and/or Torres Strait Islander)
- Australian Citizen or Permanent Resident
- Single person income less than $125,000
- Dual income less than $200,000
- Property not from a related party
- Property worth less than $950,000