Victorian first home buyers can save $6K now

First-time buyers may already be able to benefit from the Victorian government's 20 per cent stamp duty reduction, even though the change does not officially take effect until July.

Enzo Raimondo, chief executive officer of the real estate body explained: “Settlement occurs on the day the balance of the purchase price is paid and the property’s title document is handed over to the buyer."

For first-time buyers, this means that if their settlement date is July 1st or later, they will still be eligible for the 20 per cent stamp duty discount.

Key criteria for the stamp duty cut include the fact it must be the buyers' primary place of residence and the total purchase price.

The REIV suggests that the residential stamp duty reduction could save first-time buyers an average of $6,232 on the cost of a median-priced new residential property.

Source: Peach Home Loans