Abolishing Stamp Duty

Abolishing stamp duty for first home buyer purchases under $600,000.

$851 million over four years - new initiative since 2016-17 Budget Update.

Buying your first home is getting harder. House prices are rising and the upfront costs – a deposit, stamp duty and fees – can be a huge hurdle.

To help first home buyers, we’ll completely abolish stamp duty for both new and existing properties under $600,000. First home buyers purchasing a property between $600,000 and $750,000 will also receive a tapered discount.

With an average saving of around $8,000, it will give first home buyers an advantage, and more money to put towards the purchase of their home.

This measure will help more than 25,000 people each year at a time when they need it most.

It’s all about putting first home buyers on a level playing field with investors.

These savings are in addition to the existing First Home Owner Grant, and will cost an estimated $851 million over the next 4 years. These changes will apply from 1 July 2017.

Young farmers will continue to be eligible for Victoria’s unique stamp duty concession on the purchase of their first farm – a concession only available in Victoria.

This will be administered by the State Revenue Office.

http://www.vic.gov.au/affordablehousing/buying-a-house-in-victoria/abolishing-stamp-duty.html