How buyers are benefiting from new policy changes

 The new property changes coming to Melbourne will provide some great benefits to many buyers. Consider a first home buyer, looking to secure a luxury apartment in a prime inner city area such as Fitzroy North, Carlton etc.

Currently, the buyer would pay this on a $600,000 purchase price:

$180,000 deposit 30%

$15,000 stamp duty

$5,000 legals, other costs

$200,000 total cash needed

In Melbourne, the new initiatives that come into effect from 1 January 2018 will means that firsthome buyers will only need to out lay the following:

$ 30,000 deposit 5%*

$- Nil      stamp duty**

$5,000 legals, other costs

Just $35,000 total cash needed 

some of these first home buyers Melbourne buyers will only have to outlay less than 6% of the total price to buy a luxury off the plan apartment.

 *Based on new Government initiative to lend first home buyers 25% of the price for the deposit. No repayment, no interest required.

**Based on first home buyers Stamp Duty waived.

Read about all the changes that are coming here