Abolishing stamp duty for first home buyers
About this initiative
From 1 July 2017, first home buyers purchasing properties valued below $600,000 will be exempt from paying stamp duty. Further, first home purchases valued between $600,000 and $750,000 will receive a concession applied on a sliding scale. It will be available for new and established home purchases.
This initiative gives first home buyers across the state a helping hand, by substantially reducing the upfront cost of purchasing a home.
How will it work?
The exemption and concession are available for new and established home purchases and will be applicable to contracts signedfrom 1 July 2017.
What are the criteria to qualify for an exemption or concession?
Prospective first home buyers can contact the State Revenue Office on 13 21 61 to find out more about their eligibility.
How many people will be helped?
Around 25,000 first home buyers will benefit each year and be able to contribute more towards the equity of their home and reduce their mortgage payments.
Savings at selected home values are provided in Table 1 below.
Table 1: Duty savings for first home buyers
Savings for first home buyers from duty abolition/concession
How can I find out more?
First home buyers purchasing property valued up to $750,000 will need to fill the appropriate documentation when completing the purchase. (For more information on applying for the concession, contact the State Revenue Office on 13 21 61 or visit http://sro.vic.gov.au/first-home-owner.)
The exemption and concession are in addition to the First Home Owner Grant (FHOG) (for more information on the FHOG, see the FHOG Fact Sheet on www.sro.vic.gov.au).
*Disclaimer: Every precaution has been taken to establish accuracy of the above information but does not constitute any representation by our agency or agents. Information above found at: http://www.vic.gov.au/affordablehousing/buying-a-house-in-victoria/abolishing-stamp-duty.html
To help work out a guide of your stamp duty – click on link below: https://extranet.sro.vic.gov.au/SRO/SROCalcs.nsf/transfer?OpenForm