Campaigns for the November elections are beginning to bring in a shower of promises.

Home buyers in Victoria should have a keen eye on the opposition's plans to bring down stamp duty fees. Home buyers in the state were reported to be paying $28,000 in stamp duty for a house in the median price range. In New South Wales, the stamp fees cost $20,000, and in Queensland, it is $11,000.

Opposition treasury spokesman Kim Wells said, “People buying a second house or third house have to find a massive amount of money to pay John Brumby for stamp duty, and that's why this government is so reliant on property transfers to keep their budget in the black.”

Lower stamp duties will be an additional benefit for home buyers to get back on investment deals. At present, the Victorian government is offering a $7000 First Home Owner Grant (FHOG) and a Victorian Government First Home Bonus. To be eligible for the bonus, the value of the property must not exceed $600,000 for contracts entered into between 1 July 2009 and 30 June 2011.

The First Home Bonus for new homes is $11,000 for contracts dated from 1st July 2009 to 30 June 2010 while the bonus for established homes is $2,000. From 1 July 2010 to 30 June 2011 the First Home Bonus will only be available for new homes and the amount will be increased from $11,000 to $13,000.