Time to Save: The time for first-home buyers to save has increased from 4.5 years in 2004 to 6 years in 2024.

Affordability: The median home prices, along with building costs, make it challenging to find affordable options, especially in Melbourne. 

Opportunities:

First Home Super Saver Scheme: This scheme allows buyers to save for a deposit within their superannuation, benefiting from concessional tax treatment. The release amount has increased from $30,000 to $50,000.

Stamp Duty Exemptions: First-home buyers can avoid stamp duty on properties valued at $600,000 or less. Concessions are available for properties between $600,000 and $750,000.

Grants and Assistance: The $10,000 First Homeowner Grant is available for those buying or building their first home.

Important Steps:

Pre-Approval: Ensure you have your credit score checked and obtain pre-approval for a home loan.

Due Diligence: Conduct thorough checks and seek independent legal advice before signing any contracts, especially for off-the-plan purchases.

ATO Determination Letter: You'll need this letter to access your super funds for the deposit.

Resources:

For more information on the First Homeowner Grant, visit the State Revenue Office of Victoria.

Navigating the property market can be complex, but with the right strategies and information, first-home buyers can find a path to homeownership. If you have any specific questions or need further details, feel free to ask!