First Home Owner Incentives Save Over $150 Million

Eligible first home buyers who purchased real estate in Carnegie since 2011 have contributed to a massive $150 million in savings, according to Treasurer Michael O'Brian.

Stamp duty concessions were introduced in 2011 to help first home owners save thousands of dollars when purchasing their first property.

"Over 43,000 eligible first home buyers have realised the dream of owning their own home in Victoria since stamp duty concessions were introduced, saving more than $150 million," Mr O'Brien said in a January 7 media release.

More than 10,000 first home buyers have saved an impressive $58 million during the current financial year alone.

Introduced in July 2011, the original stamp duty concession saved first home buyers 20 per cent on stamp duty fees. This was then increased to 20 per cent in July 2013.

First home buyers hoping to purchase Carnegie real estate may be encouraged to hear the government has announced the incentive will increase again this year.

"The first home buyers concession will increase to 50 per cent from 1 September 2014, which will see eligible first home buyers save up to $15,000 in duty on first home purchases," Mr O'Brien said.

If you are a first home buyer looking to make your first property purchase in Carnegie, contact Matthew Hurlston from Ray White Carnegie today.