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.
This will make the existing first-home buyer 50 per cent duty reduction that applies to the purchase of a home with a dutiable value of not more than $600,000 a full exemption.
Further, duty will be phased-in for eligible first-home buyers who purchase a home with a dutiable value between $600,001 and $750,000.
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.
Please refer to the SRO website at sro.vic.gov.au for more details as they become available.
