Stamp duty abolished for first-home buyers The Victorian Government has announced that stamp duty (land transfer duty) will be abolished for first-home buyers purchasing a new home with a dutiable value of not more than $600,000.
There will also be discounts for properties worth between $600,000 and $750,000, regardless of whether they are new or existing. Subject to the passage of the State Taxation Acts Amendment Bill 2017, the new measures will apply for contracts entered into from 1 July 2017.
The announcement comes just days after the Andrews Government doubled the First Home Owner Grant in regional Victoria. Commencing 1 July 2017, the grant will increase from $10,000 to $20,000 and is expected to help 6000 first home buyers in regional Victoria.
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