Tarneit first homebuyers saving big on stamp duty

Tarneit’s blend of amenity and pricing reveals that, for many new buyers, estates like Orchard are hitting something of a sweet spot. In fact, recent figures reveal that over 1600 first homebuyers in the Wyndham area benefitted greatly from stamp duty exemptions – to the tune of over $33.8 million.

As reported by Star Weekly, this is almost triple the savings made the previous year, where $11.8 million in stamp duty exemptions was recorded for the area.

The reason?

In 2017, the state government of Victoria updated its legislation so that those buying a first home priced at $600,000 or under were exempt from paying stamp duty. Further, first homebuyers making a purchase between $600,001 and $750,000 would receive a concession against the stamp duty amount.

With many Orchard house and land packages coming in at under those crucial stamp duty thresholds, those looking to take their first steps onto Melbourne’s competitive property market stand to unlock considerable savings on top of Tarneit’s already compelling property prices with such exemptions – especially when combined with the First Home Owner’s Grant (FHOG) on new builds.

Are you looking to buy your first home? Want to know more about stamp duty exemptions and concessions or the FHOG, and what they mean for you? Visit the State Revenue Office Victoria website for an easy to follow, detailed breakdown of what to expect.

Or, if you have any questions about what makes Orchard such a fantastic place to grow, take a look around the website or get in touch!