VICTORIA has thrown a lifeline to young people struggling to get on the property ladder by axing stamp duty for first homebuyers.
From July, the controversial property tax will be abolished for any first homebuyer in Victoria whose property costs less than $600,000.
There will also be discounts for properties worth between $600,000 and $750,000, regardless of whether they are new or existing.
Premier Daniel Andrews will formally unveil the plan today, which is expected save 25,000 first homebuyers an extra $8000 a year, as a part of his government’s cost-of-living package.
The announcement comes just days after the Andrews Government doubled the First Home Owner Grant in regional Victoria.
Commencing 1 July 2017, the grant will increase from $10,000 to $20,000 and is expected to help 6000 first home buyers in regional Victoria to build and live in their own community.
“By doubling this grant, we’re giving young people in regional Victoria even more reason to live locally,” Mr Andrews said.Victorian Premier Daniel Andrews. Source: AAP