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First home buyers to benefit from stamp duty cut

People buying their first Australia property may be able to benefit from stamp duty cuts.

Some of those buying their first property in Australia will be able to benefit from stamp duty cuts this weekend.

 

 

The 20 per cent discount on stamp duty for first home buyers may apply to homes purchased now, even though it does not come into effect until July 1st, the Real Estate Institute of Victoria (REIV) explained.

 

 

Enzo Raimondo, chief executive officer at the REIV, said that the tax is only paid when the settlement of their purchase takes place, not when a contract is signed.

 

 

"This means that if you are buying your first home right now, you meet the eligibility criteria, and your settlement date is July 1st or later, you will be eligible for the 20 per cent discount on stamp duty," he added.

 

 

Back in March, David Airey, president of the Real Estate Institute of Australia, said that first-time buyers could be the group that helps the Australian property market to flourish once again.

 

 

Posted by Steve Douglas

- property, stamp, duty, tax, sales, first

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