If you are a first-home-buyer looking to get into the market in the year ahead then there is some good news for you! As of 1 July 2017, any eligible first-home-buyer that enters into a contract from this date will be exempt from paying stamp duty for a home purchased at or under $600,000. Under the current first-home-buyer scheme you receive a 50% discount in stamp duty up to $600,000 purchase price. For example currently first-home-buyers pay $15,535 instead of the full $31,070, however come 1 July first-home buyers will pay $0 for stamp duty if they purchase under or at $600,000.
Furthermore, duty will be phased-in for eligible first-home-buyers who purchase a home with a dutiable value between $600,0001 to $750,000.
An example of how the concession may work is below. Please note that the concession is not yet finalised, so figures may vary.
If you are looking for any assistance or advice around buying your first home please feel free to call me on 0408 585 319 or jump onto our website and have a look at my blog, there are lots of helpful tips here too: –