The Real Estate Institute of Victoria (REIV) is calling on the state government to abolish stamp duty for first home buyers, or double the first home buyers' grant from $7000 to $14,000.
Currently, eligible NSW first home buyers receive an exemption or concession regarding the payment of stamp duty subject to a threshold amount. The REIV is lobbying for a similar treatment in Victoria.
"Currently when a first home buyer buys a house they receive a grant of $7000 from the state government, and then they later pay stamp duty. It seems an administrative waste to give with the one hand and take with the other,'' REIV said in its latest submission on the proposed budget.