Buying a home is a big decision and one of the most important investments you will ever make. As a first home buyer, you may be wondering if you have to pay stamp duty in Victoria. The answer is yes, but there are some exemptions and concessions that can help you save money.
Stamp duty is a tax that is payable on the purchase of property in Victoria. It is calculated based on the purchase price of the property and is payable to the State Revenue Office. The amount of stamp duty you pay will depend on the value of the property and whether you are eligible for any exemptions or concessions.
For first home buyers in Victoria, there are two main exemptions and concessions available. The first is the First Home Owner Grant (FHOG). This is a one-off payment of up to $10,000 that is available to eligible first home buyers. The second is the First Home Buyer Duty Exemption. This is an exemption from paying stamp duty on the purchase of a property up to the value of $600,000.
To be eligible for the FHOG, you must be an Australian citizen or permanent resident, over 18 years of age, and you must be buying or building a new home or an existing home that has not been previously occupied. You must also be buying or building the home as your principal place of residence.
To be eligible for the First Home Buyer Duty Exemption, you must be an Australian citizen or permanent resident, over 18 years of age, and you must be buying or building a new home or an existing home that has not been previously occupied. You must also be buying or building the home as your principal place of residence.
The amount of stamp duty you pay will depend on the value of the property you are buying. For properties up to $600,000, you will not have to pay any stamp duty. For properties between $600,000 and $750,000, you will have to pay a reduced rate of stamp duty. For properties over $750,000, you will have to pay the full rate of stamp duty.
If you are a first home buyer in Victoria, it is important to understand the exemptions and concessions available to you. This will help you to save money on the purchase of your home.
At The Home Loan Partners, we understand that buying a home can be a daunting process. That’s why we are here to help. Our team of experienced mortgage brokers can provide you with expert advice and assistance to help you get the best home loan for your needs. We can also help you to understand the exemptions and concessions available to you as a first home buyer in Victoria.
If you have any questions about buying a home in Victoria, or if you would like to find out more about the exemptions and concessions available to you, please don’t hesitate to get in touch. Our team of experienced mortgage brokers would be more than happy to answer any questions you have and help you to get a home loan.