Victorian first homebuyers receive half-price stamp duty
2015-04-21
Stamp duty is one of the most important transaction taxes and fees when buy a house in Australia, and now there is good news for first homebuyers who are planning to enter the Victorian house market. Qualifying first homebuyers in Victoria now receive a 50 per cent discount on their stamp duty as part of a phased in scheme.
A final 10 per cent increase in the concession this week completes a stepped programme initiated in July 2011. According to the State’s treasurer, Michael O’Brien, the move will stimulate activity in the sector.
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.”
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