Monday 07 May 2018
A LOOK AT NSW AND VIC STAMP DUTY CHANGES
In the second half of 2017, changes to stamp duty came into effect in both New South Wales and Victoria which were designed to make housing more affordable for those entering the property market for the first time.
The result? Savings and increased buying power for first-home buyers, but also increased demand and competition for those looking to purchase that first home.
What changed in Victoria?
- Stamp duty removed for first-home buyers up to $600,000
- From $750,000 and up, fist-home buyers see their stamp duty subsidised on a sliding scale
- First Home Buyer Grants of $10,000 are now available for those building a new home worth up to $750,000
- If the new home is being built in regional Victoria, the grant will go up to $20,000 for homes up to $750,000
What changed in New South Wales?
- No stamp duty for first home buyers purchasing a property worth up to $650,000
- For those first home buyers purchasing a property worth up to $800,000 there is a sliding rate of concession available
- First time buyers who are building a new home worth up to $750,000 (when combined with the price of the land) can receive a $10,000 first home buyer grant
- If a new home worth up to $600,000 is purchased, first home buyers will be eligible for a grant of $10,000
Want more information on these changes?
Then check out these links:
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