In the lead up to the State Budget, it was announced:
– That the $7,000 First Home Owners Grant for established property will end on 30 June 2013;
– That the First Home Owners Grant for new property will increase to $10,000 from 1 July 2013;
– The current stamp duty discount for first home buyers will increase from 30 per cent to 40 per cent from 1 July 2013
The REIV is concerned that these changes will leave the majority of first home buyers worse off.
The changes also mean that there are higher levels of assistance for first home buyers until 30 June.
*Article Courtesy of Real Estate Institute Victoria