The Victorian Government recently announced changes to Stamp Duty for first-home buyers.
First-time home buyers who purchase properties less than $600,000 will no longer be required to pay stamp duty in a move which is set to help first time homebuyers break into the property market. The effects are set to take place from July 2017.
Properties valued between $600,000 and $750,000 will still have stamp duty applied, but at a discounted rate.
Currently stamp duty can reach over $34,000 for properties in Victoria valued at $650,000.
This is the latest attempt by the Victorian government to increase housing affordability, with first time buyers also able to apply for the First Home Owners’ Grant.
First time buyers purchasing a newly built home can also apply for the $10,000 first-home owner’s grant.