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BREAKING NEWS Stamp duty scrapped/reduced for first home buyers; off-the-plan investors lose discount

March 5, 2017 By Kate Ashmor

Important breaking news for property buyers:

Today the Victorian Government announced that, from 1 July 2017:

  • Stamp duty will not apply to any property purchased by a first home buyer for under $600,000.
  • A discounted rate of stamp duty will apply, on a sliding scale, to any property purchased by a first home buyer for between $600,001 and $750,000.
  • The stamp duty concession for investors buying off-the-plan properties will be scrapped – only first home buyers and owner-occupiers will be eligible for a discounted rate of stamp duty.
  • A Vacant Residential Property Tax will be introduced, aimed at stopping properties being left “unreasonably vacant”.

Here is the official government press release.

I suggest first home buyers be wary of property price increases outweighing any savings in stamp duty. Waiting until after 1 July 2017 to buy may not necessarily save money, due to the high rate of growth of property prices.

And I also suggest off-the-plan investors looking to buy soon ensure they sign contracts prior to 1 July 2017, in order to be eligible for the concessional rate of stamp duty. Please do not sign any contract without obtaining legal advice first.

 

 

Filed Under: Buying Property, First Home Buyers, News, Off the plan Tagged With: first home buyer, off the plan, purchaser, stamp duty

 

Law Insitute of Victoria Member

Contact Us

  PO Box 2602 Caulfield Junction VIC 3161
  0403 334 245
  (03) 9523 1277
  kate@ashmorlegal.com.au
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