New Stamp Duty Discount Victoria (VIC)

Victoria Aims To Support House Prices

ABS March Quarter House price figures showed a 2.5% fall in Melbourne Prices for the March Quarter. In response the Victorian Government announced fresh incentives for home buyers in the Victorian Budget 2011-12 this week.

Changes include:

  • New Stamp Duty Concessions
  • Extension of the First Home Bonus & Regional Bonus

You can view the current stamp duty concessions and government grants in Victoria here or use our Stamp Duty Calculator.

Stamp Duty Concessions

“Land Transfer Duty rates will be reduced for eligible first homebuyers purchasing principal places of residence valued up to $600,000.

Land Transfer Duty will be cut by 20 per cent on 1 July 2011, followed by additional 10 per cent cuts on 1 January 2013, 1 January 2021 and 1 September 2014, totalling a cumulative 50 per cent reduction by 2014-15.”

Source: SRO Victoria

First Home Bonus & Regional Bonus

“The Victorian Government will extend the First Home Bonus and Regional Bonus until 30 June 2012.
The $13,000 First Home Bonus is available for the purchase by first home buyers of newly constructed homes in metropolitan Melbourne.

Combined with the First Home Bonus, the $6500 Regional Bonus is also available for the purchase of newly constructed homes in Regional Victoria.

This is in addition to the First Home Owner Grant of $7000.”

Source: SRO Victoria