vic govt only one without exemption stamp duty

  1. 17,117 Posts.
    OK seems there is no stamp duty relief in Vic, and stamp duty payable on a 300,000 home is 13070....however the vic govt does give a bonus to fho....of 3000 for an existing home....5000 for a new home, and an extra 3000 if the new home is in regional Vic......
    *****maybe more pressure on brumby...seems ridiculous every other state gives the exemption

    excerpt from vic gov site
    The Federal Government has announced significant increases to the Grant available to first home buyers. The new measures now bring the total available to those buying a newly constructed home to $26,000 increasing to $29,000 in regional Victoria (subject to certain requirements).

    First home buyers purchasing an established home will now be entitled to between $14,000 and $17,000 (subject to certain requirements).

    First home buyers will be eligible for the new additional assistance for contracts entered into from 14 October 2008 to 30 June 2009.

    Click here for more information
    http://www.sro.vic.gov.au/sro/SROWebSite.nsf/index1.htm

    A Media Release was issued on October 14 2008

    and this link explains further
    All Victorian first home buyers who qualify for the Government’s $7000 First Home Owner Grant (FHOG) will be eligible for an additional $3000 grant paid by the Victorian Government known as the First Home Bonus. As of 1st January 2007 new constructed homes will be eligible for a $5,000 bonus instead of $3,000. As of 6th May 2008 the First Home Bonus will be extended to offer an additional $3000 grant to purchasers of newly constructed homes for those eligible for the First Home Bonus in regional Victoria. The new $3000 regional bonus is additional to the existing $12,000 available for newly constructed homes valued under $500,000.

    The First Home Bonus will be available for Victorian properties where the contract is entered into on or after 1 May 2004 and before 30 June 2009, and where the consideration paid under the contract is no more than $500,000.

    From 1 January 2007 a new Principal Place of Residence Transfer Stamp Duty concession is available for the purchase of principal places of residence where the following applies:
    • the purchase price of the property is between $115,000 and $500,000;
    • the applicants use the property as the principal place of residence within 12 months of settlement of the property;
    • the applicants reside in the property for a continuous period of at least 12 months; and
    • the contract is entered into on or after 1 January 2007.

    Eligible first home buyers are now eligible to receive both the First Home Bonus AND the stamp duty concession as of 6th May 2008

    For full details on the various concessions available in Victoria please visit www.sro.vic.gov.au


 
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