First home buyers get stamp duty cuts in Vic budget
Wednesday, 04 May 2011
First home buyers in Victoria will save on stamp duty in measures announced in the State budget today.
From July 1 first home buyers purchasing property at the median house price of $565,000 will get a 20 per cent stamp duty saving of $5794 on a bill that is currently $28,970. Stamp duty will be progressively cut over the following three years to achieve a 50 per cent reduction by September 2014, equal to a saving of more than $15,000. Stamp duty savings will apply to first homes purchased up to a value of $600,000.
The government also extended Victoria’s first home buyer scheme for the next four years, where first home owners buying or building a new property up to $600,000 get a bonus $13,000 in metropolitan areas and $19,500 in regional areas. Eligible first home buyers of established homes continue to be entitled to a $7,000 grant.
Eligible Pensioners and concession card holders also benefit with no stamp duty on properties worth up to $330,000, and an increase in the stamp duty concession threshold for properties up to $750,000.
Victorian farmers aged 35 and under will also receive the full stamp duty concession on properties valued up to $300,000.
Victorian Treasurer Kim Wells said that about 157,000 households are expected to benefit from these savings over the next four years.
Read the budget announcement
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