Boost for 1st home buyers with 50% stamp duty concession
Victoria’s stamp duty concession for first home buyers rises to 50% on 1 September 2014, Treasurer Michael O’Brien announced today.
The Coalition Government’s stamp duty concessions have helped tens of thousands of Victorians save thousands of dollars off the cost of their first home.
“From Monday, eligible Victorian first home buyers will receive a 50 per cent discount on their stamp duty. This makes home ownership more affordable, especially for young Victorians looking to buy their first home,” Mr O’Brien said.
“This tax cut will save 26,000 Victorians around $200 million over the next year.”
Almost 60,000 eligible first home buyers have benefited from the stamp duty concession in Victoria since it was introduced by the Coalition Government in 2011.
“This boosted stamp duty concession will make home ownership more affordable and support jobs by stimulating the housing construction industry,” Mr O’Brien said.
Eligible first home owners will save up to $15,535 in stamp duty on dwellings valued up to $600,000.
Mr O’Brien said the Coalition Government is providing further support for Victorians looking to purchase their first home with the $10,000 First Home Owner Grant (FHOG) for newly constructed homes. The FHOG applies in addition to the stamp duty concession.
“From 1 September, an eligible first home buyer purchasing a new $600,000 house and land package will receive a combined stamp duty cut and FHOG worth $25,535,” Mr O’Brien said.
“Last financial year saw more first home buyers financed in Victoria than any other state.
“Without the Napthine Coalition Government’s strong economic management, tax cuts such as this would not be possible. Our surplus Budget and AAA credit rating underpins our
policies to grow our economy and create more jobs.
“By contrast, Daniel Andrews and Labor refused to introduce stamp duty concession during their 11 years in government and they have no policy to support first home buyers or Victoria’s vital housing construction industry,” Mr O’Brien said.
Since 1 July 2014, the Napthine Coalition Government has delivered the following tax cuts:
- Payroll tax reduced to 4.85%;
- Workcover Premiums reduced by 2%;
- Fire services property levy rates reduced across the board; and
- Stamp duty concessions for first home buyers increased from 40% to 50%.
For more information about first home buyer stamp duty concessions visit www.sro.vic.gov.au
Source: News Release Premier Denis Napthine, 31 August 2014