Author: Miguel Gonzalez
First-home buyers in Victoria have finally received a much-needed helping hand from the Victorian government. Since the 1st of July 2017, first-home buyers are not required to pay stamp duty on properties under $600,000.
Property values have increased dramatically in Melbourne over the last few years. Melbourne has been awarded the world’s ‘most livable city’ for seven years running, attracting massive migration, both from overseas and interstate. Melbourne welcomes approximately 300 people every day.
The good news for first-home buyers is that now they can take advantage of stamp duty exemptions and get into the market with a lower deposit. Properties below $600,000 will incur absolutely no stamp duty and there may be discounts eligible for properties up to $750,000.
Generally, to be eligible for the exemption, you need to be eligible for a First Home Owner’s Grant (FHOG), but to get this stamp duty reduction you can also buy an established property. You will need to live in the property as your place of residence for a continuous period of twelve months, commencing within twelve months of settlement. To find out more about your eligibility for a FHOG or stamp duty exemption, visit the State Revenue Office website. Are you ready to buy your first home? Call our office to discuss your options.
General Advice Disclosure: This document contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. If you decide to purchase or vary a financial product, your financial adviser, AMP Financial Planning and other companies within the AMP Group may receive fees and other benefits. The fees will be a dollar amount and/or a percentage of either the premium you pay or the value of your investment. Please contact us if you want more information.  According to The Age “Balancing Melbourne’s population growth a crucial challenge” Editorial July 3 2017 http://www.theage.com.au/comment/the-age-editorial/balancing-melbournes-population-growth-a-crucial-challenge-20170703-gx3uqh.html  According to The Age “Balancing Melbourne’s population growth a crucial challenge” Editorial July 3 2017 http://www.theage.com.au/comment/the-age-editorial/balancing-melbournes-population-growth-a-crucial-challenge-20170703-gx3uqh.html