Victorian first home buyers receive stamp duty cut
Victorian first home buyers receive stamp duty cut from 40% reduction to 50% reduction from 1st of September, 2014.
The state government says eligible home owners will save up to $15,535 in stamp duty on dwellings valued up to $600,000, and will save 26,000 Victorians a total of $200 million over the next year.
First home builders will also benefit with a $10,000 grant for newly constructed homes, which will apply along with the stamp duty cut.
The Stamp Duty cut is only applicable for properties valued under $600,000.
At Buyer Solutions we caution first home buyers about overpaying for property just because they are going to get a stamp duty reduction. It is very easy to get emotionally involved with a property and to overpay. First home buyers are even more vulnerable to this, with little prior knowledge and experience and an eagerness to “move in”.
So, whilst this is good news for some, it is still very worth while consulting a quality Buyers Agent in your state prior to committing to a property.
At Buyer Solutions we offer home buyers a 45 minute, no obligation, no cost initial consultation and you will learn alot at that meeting even if you don’t go on to employ our services. We also run First Home Buyer Information Evenings and if you would like to attend the next one contact us at info@buyersolutions.com.au to register.
Remember, this first purchase is the most important one you can ever make in the property market. You don’t pay capital gains tax on your home and it should also be a great investment. If you buy well, it can set you up financially for life. Not all property buys are good property buys though and first home buyers are vulnerable to mistakes. Don’t let that be you!
For up to date information on what’s happening in real estate in Melbourne, contact Janet at jspencer@buyersolutions.com.au or 0418 101 146.
Buying property, First home buyers, Housing Affordability, Housing Market, Real Estate News & Opinion
+61 39816 8555
1 Comment
Nick Assafiri
The good thing about it is that the interest rates are still low and the rates of new home are still at the same level. It’s a fantastic time for first timer buyers to roam across Victoria . Purchasing their first home will save them money and put them in a good financial position.