The start of 2013 means savings for first home buyers in Victoria, with the stamp duty discount for homes valued at not more than $600,000 moving from 20% to 30%.
The reduced stamp duty is the second of four reductions announced by the Victorian Government in May 2011, which will see the stamp duty discount increase to 40% on 1st January 2014 and to 50% on 1st September 2014.
The new 30% discount applies to both existing and new homes, resulting in a maximum potential saving of $9,321 on a property of $600,000.
To be eligible for the stamp duty discount, first home buyers must also qualify for the $7,000 first home owners grant.
If you would like to know more about these reductions or anything else to do with purchasing your first home, talk to us on 03 9432 6070 or fill out the contact us form at the top of the page and we'll be in touch.