- First home buyers to get stamp duty cuts
- Available on homes up to $750,000
- Applicable to stamp duty in Victoria only
Stamp duty cuts could help you to buy a home
In an effort to make housing more affordable, Premier Daniel Andrews and the Victorian State Government has announced that they intend to implement stamp duty cuts for Victorians buying their first home.
The changes to stamp duty in Victoria could potentially leave you thousands of dollar better off and could be just the push you need to finally afford that deposit on your first home.
Here's what's changed
Essentially, first home buyers will no longer have to pay stamp duty in Victoria when they purchase a new or existing house, apartment, or off the plan property for less than $600,000.
First home buyers will:
- No longer pay stamp duty on properties up to $600,000
- Enjoy a resulting saving of up to $15,000
- Get a (projected) average saving of $8,000
Here's what those savings look like on a range of home prices.
|Price of home||Stamp duty charged||Projected saving|
Those buying homes over above $600,000 but less than $750,000 will be required to pay stamp duty. However, they will receive a concession which will be determined on a sliding scale.
Changes to take effect from July 1, 2017.
Source: Victorian Government
Am I eligible?
Tens of thousands of first home buyers will be able to enjoy a share in the savings. However, there are some restrictions depending on your situation and circumstances.
To be eligible you must:
- Be a first home buyer
- Be an Australian citizen or permanent resident
- Live in the property after purchase for 12 months+
You will not be eligible if you:
- Have previously purchased a home
- Intend to buy for investment purposes
- Are not an Australian citizen or permanent resident
- Intend to spend more than $750,000
What can I do next?
If you're a first home buyer, we could help you to secure a home sooner. At Rapid Finance, we have access to a range of home loan products, suitable for a range of needs and budgets.
We could help you to take advantage of these stamp duty cuts as well as other benefits such as the first home buyers grant with a home loan that's right for your circumstances.