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First home buyers in Victoria will see stamp duty on land transfers reduced by 50 per cent over the next three years following the delivery of the Victorian State Budget yesterday.
“The Coalition Government understands how long it takes to save up for your first home and that massive stamp duty taxes are often the difference between the excitement of making a successful bid and the disappointment of being locked out of the property market,” treasurer Kim Wells said.
From 1 July, the Victorian government will cut stamp duty by 20 per cent, Mr Wells said, and progressively increase this reduction to 30 per cent from 1 January 2013, 40 per cent from 1 January 2014 and 50 per cent by September 2014.
On a $300,000 purchase, this would equate to a saving of $2,274 from 1 July and as much as $5,685 by September 2014.
The government also confirmed it would retain existing bonuses for first home buyers.
Eligible first home buyers in Victoria are currently entitled to the $7,000 first home owners grant on an established home valued up to $750 000 while eligible first home buyers of a new home up to a value of $600,000 are also entitled to a bonus of $13,000 in metropolitan Melbourne, with an additional regional new home bonus of $6,500.
“The Coalition Government is committed to helping relieve the pressure placed by stamp duty on Victorians,” Mr Wells said.