A real estate agent has urged first home buyers in the Wimmera to check how much money they could save in stamp duty costs.
A real estate agent has urged first home buyers in the Wimmera to check how much money they could save in stamp duty costs.
Coller Rathgeber Property Group director Tim Coller of Horsham said the State Government's staggered, increasing discount in stamp duty had largely gone unnoticed.
"For first home buyers, the reduction in stamp duty is quite substantial," he said.
"I don't think first home buyers are totally aware that this is available to them."
The government is phasing in a 50 per cent stamp duty reduction across four years.
There was a 20 per cent reduction on July 1, 2011, followed by an additional 10 per cent reduction on January 1 this year.
There will be further 10 per cent reductions on January 1, 2014 and September 1, 2014.
The discount is available to eligible first home buyers who buy a 'principal place of residence' valued at not more than $600,000.
Mr Coller said the first two stages of the four-year plan offered the most substantial stamp duty savings.
"The 10 per cent reduction that came in on January 1 this year is the second stage of the four-year plan," he said.
"I recommend any first home buyers look at the State Revenue Office website to get a true picture of how the stamp duty savings will affect them."
Mr Coller said people could visit sro.vic.gov.au and search for 'reduction of duty for eligible first home buyers' for more information.
Victorian Treasurer Kim Wells said the increased concession made buying a new home more affordable for first home buyers.
"The increased stamp duty concession will see eligible first home buyers save up to $9321 when purchasing a home of $600,000," he said.
