Great news ! - Further savings available for First Home Buyers

July 27, 2014
Dwayne Brittain

In recent years First Home Owners in Victoria have received stamp duty concessions when purchasing their first home. Initially this concession or discount was 30%, then 40% and has now increased to 50%. The 50% stamp duty concession is available for all cuurent contracts that settle on or after 1st September 2014.


So if you are currently looking to place an offer on a property then a settlement date of 1st September 2014 or beyond will be beneficial. 


As an example a $400,000 purchase would normally attract the following stamp duty and transfer costs :

Investment property - $20,300.20

Principal place of residence (non first home buyer)  - $17,600.20

First Home Owner (Settle before 1/9/2014) - $11,052.20

First Home Owner (Settle on or after 1/9/2014) - $9,415.20


Separately, the first home owners grant was amended by the Victorian State government in 2013. The grant was abolished for first home buyers buying existing properties. As a trade off the grant for buying or constructing a new property increased from $7,000 to $10,000.


For further information on the above please call me on 0428 434084 or alternatively visit the State revenue Office website.

Posted in: First home buyers

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