VIC will cut stamp duty for FHB from 1 July?

[teenage dream]

Just heard a news, VIC will cut stamp duty by 20% for Property under $600k for FHB from 1st July. Is that true? If it is, will it affect the market a lot? Given the high interest rate and hige volume stock, I dont think it will do. What is your opinion?

 

[willister]

Just heard a news, VIC will cut stamp duty by 20% for Property under $600k for FHB from 1st July. Is that true? If it is, will it affect the market a lot? Given the high interest rate and hige volume stock, I dont think it will do. What is your opinion?

All signs point to lagging sales and this may be a "stimulus" to prop up sales hence Vic gov sustains stamp duty levels.

 

[Bigtone]

victoria has the highest barriers of entry for first home buyers in the country

biggest stamp duty and lowest concessions

this will help out and as of July 1 the min deposit required will drop by 10% or so which will make more fhb's eligible straight away which i expect will see a short spike in sales volumes at this time.

as investors it means there is likely to be less competition in may and jun as most FHB's will wait to save a few grand in upfront costs.

if i was a FHB planning to buy i and had a bigger deposit i would buy in june as i think FHB's competing for properties in jul and aug will mean it actually costs them more than they will save.

long term the 50% cut is handy for FHB's

 

[Ed Barton]

victoria has the highest barriers of entry for first home buyers in the country

biggest stamp duty and lowest concessions

this will help out and as of July 1 the min deposit required will drop by 10% or so which will make more fhb's eligible straight away which i expect will see a short spike in sales volumes at this time.

as investors it means there is likely to be less competition in may and jun as most FHB's will wait to save a few grand in upfront costs.

if i was a FHB planning to buy i and had a bigger deposit i would buy in june as i think FHB's competing for properties in jul and aug will mean it actually costs them more than they will save.

long term the 50% cut is handy for FHB's

highest grants and highest duty.

 

[Bigtone]

highest grants and highest duty.

u mean vic biggest grants? vic u only get the $7k for an established property same as rest of country.

for a new property their is extra grants but why would u buy new?

 

[Electro]

Question:

If I buy and sign now and settle after july and I am a FHB, do I get the 20% stamp duty saving?

 

[m.evt]

that would be interesting to know, i haven't found any further information on the SRO website.

http://www.sro.vic.gov.au/sro/SROna...07AFC77-33F164285C8F118CCA2576EE007E3927?open

 

[Electro]

Question:

If I buy and sign now and settle after july and I am a FHB, do I get the 20% stamp duty saving?

It's a little tricky - it may depend on the wording. The SRO site says "For contracts entered into" so if the same wording applies to the new ruling as the original FHBs concession then I would answer my own Q and say NO... Is this correct?

 

[m.evt]

The stamp duty cuts would mean a maximum 6k stamp duty saving for purchase of a property of the value of the maximum threshold of 600k for FHBs. we've seen people go nuts for similar amounts recently with the FHOG bonus. However I think this is unlikely to do much as interest rates are higher now than what they were this time last year, and by the looks of it set to rise or at least not move for some time.