Victorian first homebuyers receive half-price stamp duty

Victorian first homebuyers receive half-price stamp duty

Posted on Wednesday, September 03 2014 at 3:32 PM

Qualifying first homebuyers in Victoria now receive a 50 per cent discount on their stamp duty as part of a phased in scheme.

final 10 per cent increase in the concession this week completes a stepped
programme initiated in July 2011.

to the State’s treasurer, Michael O’Brien, the move will stimulate activity in
the sector.

“This makes home ownership more affordable,
especially for young Victorians looking to buy their first home.”

The concession applies to the purchase of new
or established homes valued below $600,000.

According to the Government, almost 60,000
eligible first homebuyers have benefited from the stamp duty concession in
Victoria since it was introduced.

“This tax cut will save 26,000 Victorians
around $200 million over the next year.

“This boosted stamp duty concession will make
home ownership more affordable and support jobs by stimulating the housing
construction industry.”

O’Brien says the Government is providing
further support with the $10,000 First Home Owner Grant (FHOG) for newly
constructed homes.

The FHOG applies in addition to the stamp
duty concession, but does not include established home purchases.

“From 1 September, an eligible first home
buyer purchasing a new $600,000 house and land package will receive a combined
stamp duty cut and FHOG worth $25,535.”

Source: State Revenue Office of Victoria

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