Added over 8 years ago

Introduction of the 20% cut in Stamp Duty in Victoria

The start of July marked the introduction of the 20 per cent cut in stamp duty for first-home buyers in Victoria.  In general terms, this means if you meet the conditions for the $7000 first home owner grant and the home you are building or buying costs $600,000 or less, you are likely to be eligible.For most first-home buyers, this will mean saving between $2500 and $5000, depending on the cost of the property. This is based on the median house prices in suburbs most popular with first-home buyers: Caroline Springs, Craigieburn, Cranbourne, Deer Park, Derrimut, Epping, Hoppers Crossing, Mernda, Pakenham, Point Cook, Skye, Tarneit and Werribee. Recent data shows about one in seven homes is bought by a first-home buyer. Two years ago, it was about one in four. The reduction in the number of first-home buyers is because, in the past few years, not only have the cost of homes and taxes increased but the value of government assistance has reduced. So, it will be even more beneficial when the stamp duty cuts are increased incrementally from 20 per cent to 50 per cent in the next few years.

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