Purchasing your first property can be an overwhelming process and there may be steps you are unsure or unaware aware of. Peninsula Home Loans can take the time and hassle out of shopping around for the right home loan, and guide you through the home buying process with expert advice.
The stamp duty discount for first home buyers – are you eligible?
This area, as with all government subsidies, can be a very confusing. At Peninsula Home Loans we will sit down with you and help you fill-out all the paperwork, submit it to the appropriate organisation and provide the follow-up to ensure that it gets agreed. We aim to avoid any settlement day headaches.
Stamp duty discount for first home buyers
The Victorian Government offers eligible first home buyers an exemption or concession from stamp duty buying their first home on or after 1 July 2017.
The first home buyer duty exemption or concession may be available if:
- You enter into a contract of sale to buy your first home on or after 1 July 2017.
- Your home has a dutiable value of:
- $600,000 or less to receive the first home buyer duty exemption,
- $600,001 to $750,000 to receive the first home buyer duty concession.
- All the purchasers of the property meet the First Home Owner Grant eligibility criteria, and
- at least one purchaser satisfies the residency requirement.
Unlike the First Home Owner Grant, it doesn’t matter whether you buy a new or established home.
For more information visit the State Revenue Office Victoria page or contact us.