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Stamp duty abolished for first-home buyers

Stamp duty abolished for first-home buyers

The Victorian Government has announced that stamp duty (land transfer duty) will be abolished for first-home buyers purchasing a new home with a dutiable value of not more than $600,000.

This will make the existing first-home buyer 50 per cent duty reduction that applies to the purchase of a home with a dutiable value of not more than $600,000 a full exemption.

Further, duty will be phased-in for eligible first-home buyers who purchase a home with a dutiable value between $600,001 and $750,000.

Subject to the passage of the State Taxation Acts Amendment Bill 2017, the new measures will apply for contracts entered into from 1 July 2017.

Please refer to the SRO fact sheet Abolishing stamp duty for first home buyers for more details.

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