Great news for first time home buyers, as the exemption threshold for Property Transfer Tax has been increased from $425,000 to $475,000 for first time buyers. This can save a first time buyer $7,500! A partial exemption now applies to any property under $500,000, over a previous $450,000. This means over 500 single family homes in Victoria currently qualify for a full exemption, and almost 50% of all current listings are available with a full PTT exemption to first time buyers. Interest rates are also down again, making it a great time for first time home buyers to enter the market!
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