Thursday, 18th May 2017
Investors face an average increase of $15-20K on their stamp duty when concessions for new property will be removed as of 1st July 2017.
These changes will bring Victoria in line with other states.
Investors are urged to get into the Melbourne property market now and exchange by 30 June 2017 to avoid the increase.
Post 1 July, not only will you need more money upfront, higher stamp duty costs may affect your borrowing capacity.
While I look at property as a long-term investment - up to 10 years at a minimum to get the full benefits of cash flow and capital growth - any savings you can make upfront will benefit your future.
If you're looking at investing this year, it's imperative to have a conversation now as it's only six weeks before 30th June. There is still time to maximise the savings before the deadline.
If you would like to know more about these changes, please contact me by 0437 890 831.