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).

NoPostcodeSuburbFHB concessions
13064Craigieburn, Donnybrook, Kalkallo, Mickleham, Roxburgh Park340
23029Truganina, Tarneit, Hoppers Crossing320
33030Werribee, Werribee South, Cocoroc, Quandong, Point Cook280
43977Cranbourne, Skye, Devon Meadows, Junction Village, Botanic Ridge, Cannons Creek261
53978Clyde, Cardinia, Clyde North234
63810Pakenham, Pakenham Upper, Pakenham South, Rythdale160
73024Wyndham Vale, Manor Lakes, Mount Cottrell, Fieldstone, Mambourin159
83337Kurunjang, Melton, Melton West, Toolern Vale137
93754Mernda, Doreen134
103217Mount Duneed, Freshwater Creek, Charlemonet, Armstrong Creek109

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

As noted by 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.”

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