Victorian Government Abolishes Stamp Duty for First Home Buyers | Balwyn & Surrey Hills

March 22, 2017

The Victorian State Government has announced a new initiative to help struggling first home buyers get their foot on the property ladder.

From 1 July 2017, the Victorian State Government will abolish stamp duty for first home buyers purchasing a home with worth $600,000 or less.

In addition, those purchasing a property worth between $600,000 and $750,000 will receive some form of stamp duty concession.

The changes are expected to help more than 25,000 first home buyers each year, by allowing them to save in excess of $8,000 each in stamp duty fees. 

At present, a Victorian-based first home buyer who purchases a property worth $600,000 would be required to pay in excess of $15,000 in stamp duty.

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When will the changes to stamp duty come into effect?

From 1 July 2017, once the new stamp duty initiative has come into effect, the same first home buyer will not have to pay a cent in stamp duty charges.  

With interest rates continuing to sit at historical lows, now could be a great time for first home buyers to look at their finances and consider speaking to a mortgage broker.

Do some rough sums on what you'll pay in stamp duty with our mortgage calculator

Talk to Mortgage Choice in Balwyn & Surrey Hills

We can help you seek home loan pre-approval and identify exactly how much you may be able to borrow. We can also do all of the loan leg-work on your behalf, so that the only thing you need to worry about is finding that dream property.

Find out more about our finance services for first home loans

If you want to take advantage of low rates and hear more about the stamp duty concessions and how it might impact you and your property ambitions, give us a call today on 9432 5484.

Posted in: First home buyers

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