Backing buyers with stamp duty exemptions in Victoria and Queensland
Western Australia, South Australia and Tasmania also offer state-based assistance, mostly in the form of one-off grants to first home buyers.
PROPERTIES below specific thresholds in Victoria and Queensland are eligible for stamp duty exemptions aimed at boosting the first-time buyer market.
“State-level initiatives vary, but many states provide stamp duty concessions or exemptions,” according to Steven Tropoulos, managing director of Highfield Private.
In Victoria, on shared equity, the state government will pay up to 25% of the purchase price in exchange for an equivalent share in the property if a buyer has a 5% deposit. Meanwhile, stamp duty has been abolished for first home buyer purchasing houses under $600,000.
In Queensland, the most-hyped assistance is the first homeowner grant, which gives eligible buyers $15,000 or $30,000 towards buying or building a new home in the state.
Western Australia, South Australia and Tasmania also offer state-based assistance, mostly in the form of one-off grants to first home buyers.
“To maximise these opportunities, I advise first-time buyers to thoroughly assess their eligibility for both federal and state incentives,” Tropoulos says.
“Setting realistic goals and obtaining pre-approval can also be advantageous, ensuring they are financially prepared when the right property becomes available.”
