In a big win for the home building industry, some first home buyers will be eligible for a 50 per cent increase in Victorian stamp duty concessions from today.

The State Government estimates that this saving will benefit 26,000 Victorians to the tune of about $200 million over the next year.

Combined with the existing government grants, eligible first home buyers will now save more than $13,000 on the cost of the average off-the-plan house and land package. For consumers buying a newly built home, savings of around $20,000 are now on offer.

“This announcement will help save first home buyers thousands of dollars while supporting jobs and investment in our home building industry,” Master Builders Association of Victoria CEO, Radley de Silva said.

“Helping first home buyers and generating new home building activity supports jobs and is a big win for the economy,” he said.

“First home buyers will be better placed to get into the property market as a result of these changes.”

Almost 60,000 eligible first home buyers have gained from the stamp duty concession since it was introduced in 2011.

“Last financial year saw more first home buyers financed in Victoria than any other state,” State Treasurer, Michael O’Brien said.

Stamp duty discounts for first home buyers have been progressively climbing since 2011.

For more information about first home buyer stamp duty concessions visit www.sro.vic.gov.au