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How to save money with stamp duty

How to save money with stamp duty

First home buyer stamp duty recently got a whole lot more affordable – in one state of Australia, at least.

Stamp duty is a significant expense when you’re buying a home. In most states and territories, homebuyers will pay around $20,000 when buying a property worth around half-million dollars.

In Victoria, however, first home buyer stamp duty won’t cost you anywhere near that amount.

As of the 1st of July 17, the Victorian State Government will abolish stamp duty on some first homer buyer purchases, and reduce it for others.

Properties priced at up to $600,000 will be completely free of stamp duty. This has the potential to save buyers more than $20,000! Until June 30 2017, Victorians who buy their first home for less than $600,000 are entitled to a 50 per cent stamp duty discount.

On homes priced between $600,001 and $750,000, buyers will pay a reduced rate.

On homes priced above $750,000, standard home stamp duty rates apply.

In addition to stamp duty relief, a $10,000 First Home Owner Grant is being offered those who buy a newly constructed-property in Victoria for under $600,000.

The First Home Owner Grant is also set to double for buyers in regional Victoria, increasing from $10,000 to $20,000, in effect from 1 July this year.

“This will help first homebuyers get their foot in the door. It means they can put extra money towards what matters most – buying their first home,” says Premier Daniel Andrews.

All up, first homebuyers have the potential to save up to $33,000 in combined discounts and grants.