The Victorian State Revenue Office (SRO) had advised that the last phase of the Victorian Government’s 50% duty reduction for first home buyers commenced on 1 September 2014. This means that from 1 September 2014, eligible first home buyers will receive a 50% discount on their stamp duty. The duty reduction applies to eligible first home buyers who purchased a home valued at or under $600,000 and where the settlement date was after 1 July 2011. Eligible first home owners will save up to id=”mce_marker”5,535 in stamp duty on dwellings valued up to $600,000. The duty reduction applies to both new and existing homes from 1 July 2013. Further details are available on the SRO website.
[LTN 175, 10/9/14]
Extract from SRO announcement
The Victorian Government offers eligible first home buyers a duty reduction when they purchase a new or established home. The duty reduction applies where you buy a principal place of residence valued at not more than $600,000 and where the settlement date is on or after 1 July 2011.
Meeting the eligibility requirements for the First Home Owner Grant (FHOG), will entitle you to the duty reduction, however, you will not be entitled to the FHOG if you buy an established home and the contract date is on or after 1 July 2013.
Eligibility criteria for the duty reduction for both new and established homes includes that you must reside in the property for a continuous period of 12 months commencing within 12 months of settlement.
A 50 per cent duty reduction will be phased in over four years, with a 20 per cent reduction on 1 July 2011, followed by additional 10 per cent reductions on 1 January 2013, 1 July 2013 and 1 September 2014.