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The Victorian Government announced this month that it was abolishing stamp duty for first home buyers signing contracts from 1 July 2017. The fine print revealed that stamp duty for first home buyers wasn’t really being abolished, but that a purchase by a first home buyer would be exempt from stamp duty where the property was valued at less than $600,000. Stamp duty would also be reduced for purchased properties valued at between $600,000 and $750,000.
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