For settlement after 1 July 2011, first home buyers are eligible for cuts to land transfer duty where they purchase a home for less than $600,000.
The reductions in transfer duty which will be implemented over the next 4 years (and are cumulative) are as follows:
1 July 2011 – 30 June 2012 20%
1 July 2012 – 30 June 2013 10%
1 July 2013 – 30 June 2014 10%
1 July 2014 – 30 June 2015 10%
On a property valued at $599,000 this will bring the transfer duty down from $33,961 to $27,169 saving first home buyers $6,792.
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