News

No Stamp Duty for First Home Buyers

By Guy Hoevenaars

If you’re in the market for your first home, then there’s no time like the present to purchase with the Victorian government announcing they are wiping stamp duty fees for first home buyers.

In the past, if you were buying your first home in Victoria and it was valued up to $600,000, you might have been eligible to save 50% on your stamp duty. As of July 1 2017, first home buyers will not have to pay a cent on stamp duty for properties under $600,000

Changes have also been made to the First Home Owner Grant (FHOG) increasing from $10,000 to $20,000 for new homes built in regional Victoria up to $750,000 value.

Eligible first-home buyers of new homes in metropolitan Melbourne will continue to receive a $10,000 first-home owner grant.

Read more about the changes to Stamp Duty at: abc.net.au

Read more about qualifying regional areas for $20,000 FHOG here: sro.vic.gov.au

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