First Home buyer stamp duty exemptions announced
By | 9th Mar 17

The State Revenue office announced on Sunday that that first home buyers will receive a 50% reduction of stamp duty in the efforts to assist with housing affordability in Victoria. This reform will give first time home owners savings of up to $15,000 by exempting them from paying stamp duty if they purchase property or land valued under $600,000. The first home buyer exemptions are the latest in a suite of affordability reforms for housing in Victoria with fears many are being priced out of the market. So what does this mean?

First home buyer Stamp duty Exemptions

If you are a first home buyer and buy new or established land or property valued under $600,000 you will receive a 50 per cent reduction of duty if:

  • Your settlement date is on or after 1 September 2014,
  • The property is your principal place of residence, and
  • The total house and land value is $600,000 or less

Below is a rough guide with the potential savings under these new reforms.

Source: State Revenue Office

 

First Home Owner Grant changes for regional Victoria

There’s more good news for first home buyers and for those who purchase in regional areas of Victoria there’s and additional $20,000 up for grabs as part of the home owner’s grant from July 1 this year if you choose to build. This is an increase from the $10,000 previously offered for new homes.

The full list of shires and councils where first home buyers will qualify for the $20,000 can be found here.

If you would like more assistance filtering through all the information as a first home buyer, get in touch so we can help you understand or work towards the best outcome for you.

 

Want to read more articles for first home buyers? Read our blog post on Different property types explained or First home buyer tips