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Stamp Duty Axed For First Home Buyers

Stamp Duty Axed For First Home Buyers

STAMP DUTY AXED FOR FIRST HOME BUYERS UNDER $600,000

 Victorian Government changes and concessions set to be introduced from July 1, 2017.

 STAMP DUTY

1.       From July 1, the much hated stamp duty (property tax) will be axed for first home buyers, on property costing under $600,000.

2.       Discounts apply for property worth $600,000 - $750,000. Applied on a sliding scale.

3.       This tax exemption and concession is for established homes.

 FIRST HOME BUYERS

1.       $20,000 first home owners grant for anyone who buys a newly constructed property and  lives in it, in country Victoria

2         $50 million investment in regional Victoria over the next three years.

The grant will be applicable to contracts signed from 1 July 2017 to 30 June 2020, at which time, the Government will review the benefits for first home buyers and businesses in regional Victoria. 

 INVESTORS

1.       Investors will now pay a tax on any properties that deliberately leave vacant and deny to the market

2.       Investors will no longer get concessions for buying off-the-plan

3.       Foreign investors are paying additional stamp duty and land tax.

If you're a first home buyer, or you're looking to build your first home call or drop in and have a chat to our agents about how we can work with you on this.

 Call 5231 5311 or have a look at the Charles Stewart website for the latest property listings.