Stamp Duty Relief for Victorian First Home Buyers

First home buyers in Victoria are poised to take advantage of a further cut in stamp duty – even before it officially takes effect.
The cut, which will increase to $9300 the amount that can be saved by property purchasers, isn’t officially available until January 1, 2013. However, those who buy in coming weeks, but with a settlement date in the New Year, will be eligible.

Victoria had already cut stamp duty costs for home buyers by 20 percent and the latest move will represent a further 10 percent cut, up to $3100.
Victorian Treasurer Kim Wells said the cut was intended to help first home buyers break into the market. “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,'' he said.
Victorian real estate agents have described the cuts, combined with lower interest rates on home loans, as a “call to arms” for first home buyers.
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