No stamp duty relief for Victoria

The state government of Victoria has done a policy backflip on stamp duty. Last year the Brumby Labor government said it wanted to abolish stamp duty, which costs home buyers and vendors $3.6 billion per year, and called on the Henry Tax Review to investigate. Yesterday Premier John Brumby said first home buyers were better off in Victoria than in other states.

“If you are a first home buyer, you will pay less stamp duty after our first home buyers grant than anywhere else in Australia.” Ray Zahra, from Aussie Hom Loans said buyers could cut five years off their average sized mortgage if the government abolished stamp duty. The Real Estate institute of Victoria said the state had the highest level of stamp duty in Australia.

Source: Herald Sun