Victorian first time buyers to benefit from stamp duty cuts
Financial obstacles are just one of the challenges that face people on the road to home ownership, making it difficult for many to get a foot on the property ladder.
For first time buyers in Victoria, breaking into the state's residential property market will be financially easier from January next year when the next round of stamp duty cuts come into effect.
Real Estate Institute of Victoria chief executive officer Enzo Raimondo welcomed the concessions, which will see stamp duty discounts increase from 20 per cent to 30 per cent for first home buyers.
"Many first home buyers may not realise that homes bought as of this weekend with 60 day settlements will be eligible to benefit from the lower stamp duty because they pay stamp duty when settlement of their purchase occurs, not when they sign a contract," Mr Raimondo explained.
"This means that if you are buying your first home right now, you meet the eligibility criteria and your settlement date is 1 January or later, you will be eligible for the 30 per cent discount on stamp duty."
For a home valued at $530,000, the increased concessions mean that homebuyers will increase their savings from $4,754 to $7,131 on stamp duty.