The Victoria Government has recently introduced changes to stamp duty concessions which will take effect from 1 July 2017.
The goal of this change is to help ease housing affordability for first home buyers, who are finding it increasingly difficult to get a foothold on the property ladder, especially in and around Melbourne.
Although this is great news for first home buyers, time is ticking for investors wanting to avoid paying full stamp duty on new property, in Victoria.
From 1 July 2017, stamp duty concessions will no longer be available to investors on new, off-the-plan property purchases.
This means that investors will need to include the full stamp duty in their calculations, and could result in them having to lower their expectations and seek lower cost property in order to afford the full duty payable on the purchase.
Victoria has one of the highest stamp duty rates in Australia, so if you are planning on purchasing an investment property, you’ll want to ensure that you complete the transaction before the July 1st changes come into play.
To find out more about how the new stamp duty changes may affect you as a property investor, or to discuss financing options, please feel free to get in touch with me today.