Boost for first home buyers with 50 per cent stamp duty concession

Victoria's stamp duty concession for first home buyers has rises to 50 per cent on 1 September 2014, Treasurer Michael O'Brien announced yesterday.

"From Monday, eligible Victorian first home buyers will receive a 50 per cent discount on their stamp duty.

This makes home ownership more affordable, especially for young Victorians looking to buy their first home," Mr O'Brien said.

"This tax cut will save 26,000 Victorians around $200 million over the next year." "This boosted stamp duty concession will make home ownership more affordable and support jobs by stimulating the housing construction industry," Mr O'Brien said. Eligible first home owners will save up to $15,535 in stamp duty on dwellings valued up to $600,000.

Mr O'Brien said the Coalition Government is providing further support for Victorians looking to purchase their first home with the $10,000 First Home Owner Grant (FHOG) for newly constructed homes. The FHOG applies in addition to the stamp duty concession.

"From 1 September, an eligible first home buyer purchasing a new $600,000 house and land package will receive a combined stamp duty cut and FHOG worth $25,535," Mr O'Brien said.

"Last financial year saw more first home buyers financed in Victoria than any other state".

Source: Premier of Victoria  

For more information about first home buyer stamp duty concessions visit State Revenue Office Victoria