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MoneyQuest applauds Victorian Government’s intervention to assist First Home Buyers

By MoneyQuest
In Budgeting, First Home Buyer, Media

National mortgage broker, MoneyQuest, has today applauded the Andrew’s government for finally intervening to assist struggling first home buyers to enter the housing market.

Over the past 12 months MoneyQuest has publicly campaigned and lobbied State Government’s to take action in the wake of a growing housing affordability crisis facing today’s first home buyers.

Citing significant risks of socio-economic change, MoneyQuest has stood firm in the defence of first home buyers who have been criticised as having a poor savings discipline.

MoneyQuest Managing Director, Michael Russell, said the criticism of first home buyers is both naïve and without substance.

“First home buyers are saving – but with Melbourne dwelling prices up 13.8% in the year to February, this represents an increase of around $71,972 in the median dwelling price.

That means that in the past year alone, first home buyers have had to save an extra $7,197 to be able to pay a 10% deposit on today’s median dwelling price of $610,000. Add stamp duty etc. and it’s been an uphill battle”.

The good news is that for all Contracts of Sale from 1st July 2017, stamp duty has been abolished for first homes purchased up to $600,000 and reduced for homes from $600,000 – $750,000.

At $600,000 it’s a saving of $15,535 and at $700,000 a saving of $12,357.

Russell has now gone on record calling for all other State and Territory Governments to follow suit.

“We just can’t be asking first home buyer’s to have to pay up to $26,830 and $29,700 in stamp duty when purchasing an established or newly constructed home for $600,000 outside of Victoria. We are one nation where all first home buyers are deserving of an equal opportunity and this sort of variation is simply unfair”.

Purchase Price $600,000 (from 1 July 2017)

Stamp
Duty
Established
Home
New
Home
ACT $18,460 $18,460
NSW $22,490 $12,370
NT $5,771 $29,700
QLD $12,850 $12,850
SA $26,830 $26,830
TAS $22,497 $22,497
VIC $Nil $Nil
WA $22,515 $22,515

 

 

About MoneyQuest

Established in 2007, MoneyQuest was founded with a clear goal – to make property ownership easy and rewarding for everyday Australians. MoneyQuest has over 40 offices across Australia helping thousands of families and investors build their financial future – from first home ownership right through to retirement. More information on MoneyQuest.

Money Quest Australia Pty Ltd, Australian Credit Licence 487823.

 

For more information:

Michael Russell
Managing Director
MoneyQuest
michael.russell@moneyquest.com.au
(03) 9583 6598

MoneyQuest
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