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Victorian First Homebuyers Save Millions through Grant

By Jamil Allouche

First home buyers looking to secure a new property in Brunswick or Carlton may be encouraged by figures released by the Victorian state government this week (January 7).

According to the government, eligible first home buyers have saved over $150 million through the stamp duty concession since the discount was introduced in mid-2011.

When the concession was first implemented it helped to reduce the amount of stamp duty that eligible first home buyers paid by 20 per cent. Since then, the concession has risen to 40 per cent and will be boosted even further to 50 per cent in September this year.

Treasurer Michael O'Brien said first home buyer presence has been strong over the past financial year, after 10,000 eligible recipients saved approximately $58 million in their purchases.

As a result, this translates into around $6,000 saved on stamp duty payments for the purchase of a $400,000 property – a useful helping hand to any first home buyer's bank account.

"This year alone we have seen more first home buyers in Victoria than in NSW and Queensland combined," commented Mr O'Brien.

With a median price of approximately $416,000, according to myrp.com.au, units and apartments in Brunswick can make a great first purchase for new buyers.

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