proposed changes to VIC Stamp Duty

[pasey25]

With the state election election looming in VIC, both major parties are suggesting relief to Victorian stamp duty rates on property transfers.

My question is a selfish one. I'm signing up to purchase some land tomorrow, with a view to settle on Dec 21.

What is the likelyhood of these proposed stamp duty rates being effective by the time I settle? Will they be backdated from the date of the election? I have no idea on what machnations or time affect the implementation of such a policy.

Hope someone can shed some light.

 

[Goldminer]

Land tax adjustments

Id say it would kick inn start of next financial year. I think thats the way they do things.

 

[pasey25]

That seems like quite a long way out. I seem to remember something about a past election where election promises were backdated to the date of the election?

may have been the baby bonus?

 

[fernfurn]

I dont know if this was for land, suspect only for houses, and up to a certain $

 

[pasey25]

looks like they will push these through before Christmas.

http://www.theage.com.au/news/Natio...hrough-new-laws/2006/11/27/1164476099582.html

gonna be tight for me with my settlement scheduled for Dec 21st

 

[Bandita]

looks like they will push these through before Christmas.

http://www.theage.com.au/news/Natio...hrough-new-laws/2006/11/27/1164476099582.html

gonna be tight for me with my settlement scheduled for Dec 21st

Do you know what the new stamp duty changes will be? And will they only apply to first home buyers or investors as well?

Thanks,
Jen

 

[lizzie]

bring it on - hopefully the other states will follow ...

 

[ozi]

I'll believe it when I see it. We can only hope at this stage.

Regards,
Ozi

 

[pasey25]

here are the details of the changes that will be going through.

No relief for IPs, only PPORs

http://alpvictoria.com/alp/pdf/policies/Housing_Affordability.pdf

 

[Morgs]

Interesting, I have purchased recently my first PPOR (Using FHOG etc.) which settles mid January; so I would assume (and hope) that if this comes through I will make the saving as described in that document!

 

[pasey25]

actually if you read the document, the FHOG offsets the discount so you may find yourself not getting any discount, sorry.

 

[Gigantor]

Hi all,

I really fail to see how the Bracks govt's move here has done anything to help alleviate the "crisis" of housing affordability for those that need it most (first home buyers).

The state contribution to the FHOG is extended, but so what? it was already there, thats not a gain.

The new stamp duty rate is only available if you dont claim FHOG - and FHOG is always more of a saving than the discount. How does this help a first home buyer? They are exactly zero better off than they were before these changes, UNLESS they are building a new house (extra 2k fhog for new construction).

Correct me if im wrong? Seems like theyre talking loud but not saying much.

my 2c

 

[monoply]

So, is a block of land free of stamp duty, if it is going to be used for a new PPOR to be built on?

Cheers
mono