St Kilda The State Government has announced changes to financial assistance for first home buyers. Specifically they have 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 First Home Owners Grant is applicable from the date the contract is signed. The stamp duty discount is applicable on settlement date. This means that for new or established homes purchased between now and 30 June and which settle on or after 1 July the first home buyer may be eligible for the $7,000 First Home Owners Grant and 40 per cent stamp duty discount. When applied to a range of price points this means that first home buyer may be eligible for;
| Price | Purchase now, settle before 1 July
Value of government assistance (30% duty cut+Grant) |
Purchase now, settle after 1 July
Value of government assistance (40% duty cut + Grant) |
Purchase and settle after 1 July 2013
Value of government assistance (40% duty cut) |
| $400,000 | $11,911 | $13,548 | $6,548 |
| $450,000 | $12,691 | $14,588 | $7,588 |
| $500,000 | $13,591 | $15,788 | $8,788 |
| $550,000 | $14,491 | $16,988 | $9,988 |
