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Govt to cut stamp duty

Staff Reporter 3 minute read

Staff Reporter

With the Victorian state election fast approaching, both parties are attempting to win votes by announcing plans to scratch stamp duty fees.

Both the ALP and the Coalition believe the state’s home buyers are paying too much stamp duty and that housing affordability continues to be a serious issue.

Liberal Leader Ted Baillieu was promising to slowly introduce new and reduced tax rates over four years, with a 20 per cent cut from July, followed by another 10 per cent each year if elected.

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While the ALP has said it will cut stamp duty for all first home buyers of new homes in regional Vioctoria if elected.

Real Estate Institute of Victoria (REIV) chief executive officer Enzo Raimondo said the plans by the various governments would come a s a welcome relief to home buyers.

“The REIV has been campaigning for cuts to stamp duty for many years and we welcome the announcement of the policies by both ALP and Coalition today,” Mr Raimondo said.

"The Coalition’s initial 20 per cent cut would take stamp duty rates (as a percentage of the sale price) back to what was being paid around 10 years ago for first home buyers.

“While the ALP’s policy does not reduce stamp duty for all home buyers, it continues its policy of targeting first home builders, particularly in regional areas,” he said.

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