Great news for all first home buyers!

As of July 1, 2017, the state government is giving you all a helping hand by abolishing stamp duty which will reduce the upfront cost of purchasing a home.

What does this mean? Let us break it down for you:

– What is Stamp Duty? We talked about it recently, click here for a refresher. Put simply, Stamp Duty is a government tax applied to all real estate purchases and, it can be expensive.
– First home buyers purchasing properties valued below $600,000 will be exempt from paying stamp duty.
– First home purchases valued between $600,000 and $750,000 will receive a concession applied on a sliding scale. This will be available for new and established home purchases.

Check out the State Revenue Office website here to learn more.

Despite this good news, there is much more than just stamp duty for you to worry about, including your deposit, government fees, home and contents insurance and utility connections.

You will also need a conveyancer with specific legal knowledge and skills to complete the property transaction. The conveyancer will take care of checking and preparing all the legal documents when you buy a house or land, and will do important searches on your new property, including the Section 32 and council rates.

Here at Sargeants Geelong, we know that buying your first home is both exciting and daunting. We realise it is a major financial decision and want to help you through your journey. As for fees, ours are fixed so there are no surprises at the end of the process.

Get in touch and let our team make the process stress-free. We service Geelong, Bellarine Peninsula, Surf Coast, Lara, Winchelsea and Bannockburn.

For more information visit our website sargeantsgeelong.com.au, pop in and see us at Level 4, 49 Malop Street, Geelong or phone 5221 7411. You can also email admin@npts.com.au