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Aspiring first home buyers are expected to rush to sign on the dotted line ahead of the removal of thousands of dollars in government incentives at the end of next month, according to a Melbourne property law specialist.
Adam Zuchowski, a Melbourne-based lawyer for Slater and Gordon Conveyancing, predicted the Napthine Government’s May 7 announcement that incentives for first homebuyers purchasing existing houses would be scrapped from July 1 would result in increased activity at the entry level to the property market.
"We have experienced a significant increase in conveyancing files since that announcement was made,” Mr Zuchowski said.
Mr Zuchowski said anyone in the market for a first home that was already built would save 40 per cent from the cost of stamp duty as well as receiving a $7000 grant if they signed the paperwork before July 1.
“The window is certainly closing for anyone considering getting a foot onto the property ladder who wants to take advantage of the grants and other incentives presently on offer,” he said.
“In recent years there has been quite a lot of assistance available and that has helped thousands of Victorians get into their first property but that will soon change.”
While those buying brand new houses, units or apartments will not be affected, Mr Zuchowski said most first home buyers were buying existing dwellings.
“Clearly there is a benefit for those first home buyers who are able to negotiate a purchase prior to July 1 and I anticipate there will be a significant number of Victorians who will be wanting to take advantage of that,” Mr Zuchowski said.
Slater and Gordon Conveyancing is offering Victorian first homebuyers who qualify for the grant and buy a house before June 30 a 50 per cent discount off the cost of conveyancing.
Homebuyers can call 131810 for more information or get in touch through our conveyancing contact form.