Victorians Saving Big Buying Their First Home

The Andrews Labor Government’s ground-breaking efforts to make it easier for people to buy their first home has saved Victorians more than $185 million in just three months.

From July to September this year, 8,205 people benefitted from a stamp duty exemption or concession – saving them $147 million – while 2,943 Victorians received a total of $38 million through First Home Owner Grants.

The Labor Government’s Homes for Victorians package abolished stamp duty for first home buyer purchases under $600,000 and provided concessions for purchases up to $750,000. The First Home Owner Grant was also doubled to $20,000 in regional Victoria to make it easier for people to build and stay in their community.

It means that since Homes for Victorians began on 1 July last year, 36,303 Victorians have saved almost $657 million in stamp duty, while more than 9,000 have received nearly $124 million through the First Home Owner Grant.

The top postcodes where first home buyers have saved in July to September this year include 3064 (Craigieburn, Donnybrook, Kalkallo, Mickleham and Roxburgh Park) and 3029 (Truganina, Tarneit and Hoppers Crossing).

No Postcode Suburb FHB concessions
1 3064 Craigieburn, Donnybrook, Kalkallo, Mickleham, Roxburgh Park 340
2 3029 Truganina, Tarneit, Hoppers Crossing 320
3 3030 Werribee, Werribee South, Cocoroc, Quandong, Point Cook 280
4 3977 Cranbourne, Skye, Devon Meadows, Junction Village, Botanic Ridge, Cannons Creek 261
5 3978 Clyde, Cardinia, Clyde North 234
6 3810 Pakenham, Pakenham Upper, Pakenham South, Rythdale 160
7 3024 Wyndham Vale, Manor Lakes, Mount Cottrell, Fieldstone, Mambourin 159
8 3337 Kurunjang, Melton, Melton West, Toolern Vale 137
9 3754 Mernda, Doreen 134
10 3217 Mount Duneed, Freshwater Creek, Charlemonet, Armstrong Creek 109

In addition, the HomesVic shared equity scheme is helping 400 eligible first home buyers co-purchase their home with the Victorian Government.

Quotes attributable to Treasurer Tim Pallas

“First home buyers are saving thousands of dollars on their first house thanks to the Andrews Labor Government – making owning a home a reality for more Victorians.”

“We’re making things fair – giving first home owners the leg up they deserve and sharing the State’s economic prosperity.”