Victoria makes it easy for first home buyers! What do you think?
Victoria wants to help young people struggling to buy their first property. The government decided to axe the stamp duty for first homebuyers, according to reports.
Starting July 2017, authorities will abolish the controversial property tax for any homebuyer in Victoria provided the property costs less than $600,000.
Consequently, discounts will also be provided for properties worth between $600,000 and $750,000 no matter if they are existing or new.
According to News.com.au, Premier Daniel Andrews revealed the plan during the first week of March 2017. It also added that the government expects around 25,000 first home buyers to save $8000 a year, as part of the government’s cost-of-living package.
The announcement reportedly came when Andrews Government doubled the First Home Owner Grant in regional Victoria. Starting in July 1, 2017, people should see the grant increase from $10,000 to $20,000.
Around 6,000 first time, home buyers will benefit in Victoria.
“By doubling this grant, we’re giving young people in regional Victoria even more reason to live locally,” said Mr. Andrews. Previously, debates circled around stamp duty especially as part of the reform on the property industry. Additionally, the Real Estate Institute of Australia (REIA) tapped the Commonwealth Government to get rid of the controversial tax for first homebuyers in its 2016-17 Budget submission.
“We are also asking that the Federal Government take a leadership role in abolishing state-based stamp duties as analysis shows that economic activity in Australia can be lifted by just shifting the composition of taxes from high economic cost State taxes to Australia-wide taxes,” said REIA President Neville Sanders.
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