Finance advice

Huge savings ahead as stamp duty to be halved

By Reporter

Stamp duty in Victoria is set to be halved for some buyers, according to the state government.

Almost 15,000 first home buyers in Victoria have taken advantage of 20 per cent stamp duty cuts, with more than $40 million spent by the state government in the last financial year on these initiatives.

Treasurer Kim Wells yesterday said that from 1 January 2013, the total stamp duty cost would be reduced by 30 per cent for eligible first home buyers.

These reductions will be continued to 50 per cent by September 2014, "saving first home buyers up to $15,535," said Mr Wells.

See our Stamp Duty Calculator.

"We understand that it can be tough going to get a foothold in the housing market, which is why we are investing significantly in support for first home buyers," he said.

He also pointed to a weaker housing market at present making conditions ideal for first time investors, with growth ahead.

“Victoria's property market is still strong but it has slowed in the past few years, making it an ideal time for first time buyers to enter the market," he said.

"Consumer sentiment also seems to be on the rebound, with new figures last week showing Victoria was the only state in Australia where consumer sentiment increased."

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Tune in to the latest episode of Property Showcase, the podcast with the inside track on the products and businesses that will help turbocharge your portfolio, maximise returns and make your overall investment experience seamless and stress-free!

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To hear more about these services, make sure to tune into this episode of Property Showcase!

 Make sure you never miss an episode by subscribing to us now on iTunes!

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Many investors who would have been successfully approved for finance last year are struggling now to either begin or continue their property investment journey because of the current financial climate.

In this episode of the Smart Property Investment Show, broker John Manciamelli and Momentum Media director Alex Whitlock joins host Tim Neary to discuss how APRA changes and the royal commission have resulted in a tighter lending economy and what that means for Australian investors.

They discuss what traps investors should avoid if they are trying to obtain finance, the four key growth drivers in a property market and unpacking trust structures while revealing one type of trust that you should miss.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

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In this episode of the Smart Property Investment Show, Katarina joins host Tim Neary to unpack her entry into the property market and experiences of rentvesting, and how the Smart Property Investment Show was vital  in a number of decisions which she made along the way.

Katarina discusses about the team that she had help her along the way, why she thinks that you should never skimp on a good solicitor and accountant, and the red flags which tell her why buying a new property doesn’t necessarily mean buying a better property.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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The different reasons to start rentvesting

 

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Why buying new property doesn’t mean buying better property

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