Changes to Stamp Duties in Victoria

*$30,000 in your pocket rather?

Stamp Duties in Victoria

Last Chance for you the Investor to invest with Stamp Duty Savings !

 


Thinking of Investing : Enter into a Contract prior to end July 2017 and current Stamp Duty Incentives still apply, why pay the Victorian Government extra Taxes when you could be Paying Yourself these same monies?!?!


STAMP DUTY CHANGES AS OF JULY 1 2017

ABOUT THIS INITIATIVE

From 1 July 2017, first home buyers purchasing properties valued below $600,000 will be exempt from paying stamp duty. Further, first home purchases valued between $600,000 and $750,000 will receive a concession applied on a sliding scale. It will be available for new and established home purchases.

HOW WILL IT WORK?

The exemption and concession are available for new and established home purchases and will be applicable to contracts signed from 1 July 2017.

WHAT ARE THE CRITERIA TO QUALIFY FOR AN EXEMPTION OR CONCESSION?

  • The home must have a dutiable amount of less than $600,000 to receive a stamp duty exemption
  • The purchased property must be used as the purchaser’s principal place of residence for a continuous period of 12 months, commencing within 12 months of possession of the purchased property.

HOW MANY PEOPLE WILL BE HELPED?

Around 25,000 first home buyers will benefit each year and be able to contribute more towards the equity of their home and reduce their mortgage payments.

REBALANCING THE OFF THE PLAN STAMP DUTY CONCESSION

ABOUT THIS INITIATIVE

From 1 July 2017, the off the plan stamp duty concession will only be available for those who qualify for the principal place of residence stamp duty concession or the first home buyer stamp duty exemption/concession. The concession will no longer be available for other purchases, such as residential investment properties and commercial properties.

The Government is using the savings from this initiative to fund the changes to stamp duty for first home buyers.

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