Buying a home is a major financial commitment and the process can be daunting. One of the costs associated with buying a home is stamp duty, which is a tax imposed by the state government. In Victoria, first home buyers may be eligible for a stamp duty exemption or concession, depending on the purchase price of the property.
Stamp duty is a tax imposed by the Victorian Government on the purchase of property. It is calculated as a percentage of the purchase price and is payable by the purchaser. The amount of stamp duty payable depends on the purchase price of the property, the type of property being purchased and the purchaser’s residency status.
In Victoria, first home buyers may be eligible for a stamp duty exemption or concession, depending on the purchase price of the property. The exemption or concession applies to the purchase of a new or existing home, a vacant block of land, or a property that is to be used as the purchaser’s principal place of residence.
For properties with a purchase price of up to $600,000, first home buyers may be eligible for a full stamp duty exemption. This means that no stamp duty is payable on the purchase of the property. For properties with a purchase price of more than $600,000, first home buyers may be eligible for a stamp duty concession. This means that the amount of stamp duty payable is reduced.
In addition to the stamp duty exemption or concession, first home buyers in Victoria may also be eligible for a First Home Owner Grant. The grant is a one-off payment of $10,000 and is available to eligible first home buyers who purchase or build a new home.
It is important to note that the stamp duty exemption or concession and the First Home Owner Grant are only available to eligible first home buyers. To be eligible, the purchaser must be an Australian citizen or permanent resident and must be over 18 years of age. The purchaser must also be buying the property as their principal place of residence and must not have previously owned property in Australia.
Buying a home is a major financial commitment and it is important to understand all of the costs associated with the purchase. Stamp duty is one of those costs and in Victoria, first home buyers may be eligible for a stamp duty exemption or concession.
At The Home Loan Partners, we understand that buying a home can be a daunting process and we are here to help. Our team of experienced mortgage brokers are here to answer any questions you have and help you to get a home loan. We can provide you with tailored advice to ensure that you get the best loan for your needs. Contact us today to find out more.