The Victorian government recently implemented changes to the First Home Owners Grant that will see an increase in stamp duty for investors after 1st July, 2017. From this date, investors purchasing new off the plan properties will not be entitled to stamp duty concessions. This could potentially cost investors thousands of dollars more. Off the plan stamp duty concessions will only be available for people who intend to live in the property after 1st July, 2017.
The new changes mean first home buyers won’t have to pay stamp duty on properties valued at less than $600,000, and discounts apply on a sliding scale for purchases between $600,000 and $750,000. If you’re looking at investing in Victoria, doing so before the deadline will save you money.
Our mortgage brokers will take into account the new changes when calculating your borrowing capacity, however, if you’d like to avoid the extra charges (or would like further information on what these changes mean for you), please give our office a call on (03) 9545 0700.