Dream now reality

April 10, 2018

Soon-to-be Mooroopna's newest homeowner Steven Valentin, 21, at his house in Medieval Crescent.

Mooroopna’s newest home owner will collect the keys to his Medieval Cres home first thing on Monday morning.

Electrician Steven Valentin, 21, left school aged 17 — with his mind set on owning his own 850sqm block home as soon as possible.

‘‘Get in and get it done,’’ he said.

Just before Christmas, Mr Valentin did exactly that, finishing his four-year apprenticeship. Then the house hunting began.

‘‘I was saving money the whole time I was doing my apprenticeship,’’ he said.

‘‘It was always the goal to buy a house, I got the bug and ended up paying a few grand more than I was planning to.’’

And thanks to not having to pay about $10000 worth of stamp duty, Mr Valentin’s dream has become a reality.

‘‘Building was my first idea, but I like this house because it’s 100 per cent complete, it’s all done,’’ he said.

The three-bedroom, two-bathroom and double garage brick house is in the north of Mooroopna, in a small crescent off Echuca Rd.

‘‘Because I didn’t build, I missed out on the $20000 (government grant), but saving $10000 because of no stamp duty helped a lot,’’ Mr Valentin said.

‘‘It helps for furniture and the household essentials.’’

Mr Valentin said having to pay the stamp duty fees would have made it a lot tougher to get by.

‘‘I would’ve had to go a lot more second-hand, perhaps might’ve even had to go for a lesser valued house,’’ he said.

After getting handed the keys on Monday, he plans to enjoy a couple of weeks on his own before finding a housemate to move in.

‘‘I sort of like the idea of living by myself, but the plan is to get one person in to help with the repayments and bills,’’ Mr Valentin said.

As for his advice to other young people in the same position as him, Mr Valentin said ‘‘enjoy your time while you’re young’’.

‘‘I wouldn’t commit too hard to a house,’’ he said.

‘‘Make sure you’re ready, live by your budget well before you commit and have a plan. Talk (to) different banks and work out which one will give you the best interest rate.’’

He will pay it off young, then hopes to look into buying some investment properties on the advice of his parents.

Stamp duty saving an incentive

Kevin Hicks Real Estate residential sales consultant Terry Shiels says exemption for first home buyers and builders is a great thing.

‘‘It’s all relevant to the price of the house, how much the saving on stamp duty is,’’ he said.

‘‘If it’s $9000, that is really a grant in disguise — it’s definitely lifted the whole market.’’

Mr Shiels said the exemption gave first home buyers the edge and evidence of this was on display just last week at an auction.

‘‘In bidding last week, a first home buyer beat an investor,’’ he said.

‘‘I’d say that had a big influence there, it’s assisting in every good way possible.’’

Figures from the State Revenue Office show that from July 1 last year to February 28 this year, 275 new home owners in Greater Shepparton had saved a combined $2.7million in stamp duty exemptions.

First home buyers building new homes in regional Victoria are also entitled to benefits, which can total up to $20000.

Mr Shiels said those benefits for new builders had had a positive effect, even moreso than the exemption on stamp duty.

‘‘It’s had an enormous impact on land sales, enabling people to build their very first home,’’ he said.

‘‘Our new build market is stronger than it’s ever been, we benefit largely from land sale ... subdivisions like Kialla Lakes where we sell land off the plan.’’

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