Have you heard the news?! Victorian buyers set to score 50% off on stamp duty!

Article published 25 November 2020

As part of the Victorian Budget 2020/21, Treasurer Tim Pallas has announced a number of measures aimed at making housing more accessible and affordable for Victorians.

Home buyers in Victoria could save up to $27,500 on stamp duty on newly built homes and $13,750 on existing builds until June 2021.

This is fantastic news if you’ve been building up your deposit during lockdown and want to make your homeownership dreams a reality in 2021. Competition is about to ramp up in the Victorian housing market so make sure you speak to your broker about getting home loan pre-approval if you want to put your best foot forward! 

Now is the time for First Home Buyers in Victoria to make a move with more support than ever!

So, how does it work? If you’re a first home buyer, for example, looking to purchase an existing home worth $700,000 in Victoria, you could be eligible for both the first home buyer duty concession on top of the new 25 percent waiver, totaling tax relief of about $18,500¹. 

In Victoria, a $10,000 First Home Owner Grant is available when you buy or build your first new home. The First Home Owner Grant is $20,000 for new homes built in regional Victoria, for contracts signed from 1 July 2017 to 30 June 2021².

Don’t let a small deposit stop you! Here’s how you could get into the property market sooner

Haven’t quite saved up a 20 percent deposit? With the help of the $500 million Victorian Homebuyer Fund you may be able to get into the property market sooner and with a lower deposit. The Victorian Homebuyer Fund has been launched to help people who do not have a 20 percent deposit buy homes. The Victorian Homebuyer Fund will contribute to the purchase price in exchange for equity in the property³.

The Victorian Government will also be introducing a 50 percent land tax discount from 2022 in the hope that it will attract new investment in build-to-rent developments and boost housing supply by about 5,000 homes.

For more information on Victoria’s Big Housing Build visit budget.vic.gov.au and for the most up to date and latest information on Victorian stamp duty visit sro.vic.gov.au.

If you want to know sooner how the latest Victorian stamp duty changes could help you kickstart your property goals contact your local Mortgage Choice broker today!