The Liberals-Nationals government has pledged to help up to 7000 Victorian families, including those in Maribyrnong and Hobsons Bay, buy their first home by cutting stamp duty.
In an announcement on Sunday, November 6, the coalition said for 12 months from January 1, they would “cut stamp duty for first home buyers to zero for all purchases of property up to $1 million”.
Opposition leader Matthew Guy said the promise would help Victorians achieve the ‘Great Australian Dream’ of home ownership, as part of the Liberal Party’s long-term economic plan.
“While house prices have eased, with recent interest rate increases and the prospect of more, as well as spiralling inflation, it is important that the government does what it can to assist Victorians into home ownership,” he said.
“This stamp duty cut is affordable, it is modest, and it is achievable.”
The coalition said the tax cut aligns first home buyer stamp duty relief with the median Melbourne house price – “most recently reported at $993,000”.
“Currently, a first home buyer purchasing a home for the median house price in Melbourne pays around $55,000 in stamp duty. Under our change, they will pay zero dollars in stamp duty,” a coalition statement said.
Opposition housing spokesperson Richard Riordan said the most difficult part of entering the housing market was putting together a deposit.
“By cutting stamp duty, first home buyers will save up to $55,000 which they can use to put towards their deposit,” he said.
The coalition said the policy had been costed by the independent Parliamentary Budget Office at $261 million.
