Currently, eligible First Home Buyers are entitled to a $7,000 grant on an existing home while eligible First Home Buyers of a new home up to a value of $600,000 are entitled to a bonus of $13,000 in metropolitan Melbourne, with an additional regional new home bonus of $6,500 available. The Coalition will implement a 20 per cent cut to the current level of stamp duty in its first year of office. The cuts will increase progressively to 30 per cent at the beginning of 2013 and 50 per cent by September 2014..
