VIC abolishes stamp duty

Earlier this month, premier Daniel Andrews announced a scheme to have stamp duty cut for first home buyers in Victoria.

Starting July 1, 2017, if the government plan is approved, anyone buying a house for the first time will not pay stamp duty, providing the value of the house is up to $600,000 and has been lived in for at least 12 months.

With all the obstacles first home owners are faced with to purchase a house, the scheme is aimed to help those who are trying to break into the property market.

"In the past, if you worked hard and saved enough, you could afford to buy your own home. Now, that's getting harder and harder," Mr Andrews said.

This exemption is said to help 25,000 homebuyers, each year and each could save up to $8000. Mr Andrews has said that this cut will help even out the playing field for first home buyers.

"They're battling rising prices, they're competing against investors and they're up against federal government policies that advantage existing owners.”