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First Home Buyers: Updated Land Buying Guide
As of 1 July 2017, First Home Buyers in Victoria and New South Wales will benefit from new stamp duty concessions. Stamp Duty is payable on the 'LAND' component of your House and Land package.
Previously, First Home Buyers paid only 50% of the stamp duty on the land, but under the new arrangement stamp duty has been abolished or reduced for First Home Buyers on values up to a certain amount, depending on their location.
In Victoria, first home buyers will benefit from the abolition of stamp duty for purchasing homes valued under $600,000, while concessions have been made available to them on a sliding scale on homes valued up to $750,000.
A similar model exists in New South Wales, whereby first home buyers do not have to pay stamp duty on homes valued at up to $650,000 while stamp duty concessions have been applied to homes valued at up to $800,000.
Additionally, the Victorian Government has doubled the First Home Buyers grant to $20,000 in regional locations. You can view the list of applicable Regional locations across Victoria here.
We have updated our guide “5 Easy Steps to Finding a Home” with consideration to these changes and examples of the savings available to First Home Buyers.
You can view the guide here.
