First Home Buyers in Victoria To See Stamp Duty Relief

The announcement of the 2012-13 state budget brought good news for Victorians thinking about buying their first home.

The provision of ongoing funding for stamp duty cuts for first-time home buyers means that one of the transaction fees associated with a real estate purchase will be reduced.

For many first-time buyers, the financial demands of such a large purchase can be overwhelming - so any relief from these charges can make a big difference.

The Real Estate Institute of Victoria (REIV) welcomes the change, deeming it beneficial for the property industry as a whole.

REIV chief executive officer Enzo Raimondo commented that economic growth would benefit from the modifications.

“Reducing stamp duty can provide a more efficient outcome for both the buyer and the state, as it reduces the number of transactions and red tape created through the application process,” he said.

“The provision of $65 million to fund the increase of stamp duty cuts for first home buyers from 20 to 30 per cent on 1 January 2013 is welcome, given the severe economic constraints the government faced in this Budget,” Mr Raimondo added.

To get more detailed information on your situation, talk to a Loan Market mortgage broker today.