Changes to Stamp Duty

The Victorian Government has just announced the new updated stamp duty budget for Victorians.

The changes will assist in improving customer sentiment in the current market, making it easier for people to make the leap in purchasing their dream property.

The changes include:

Stamp duty

• The Government will be providing tax relief on stamp duty for residential property transactions of up to $1 million. This will include a waiver of 50 per cent for new residential properties, and 25 per cent for existing residential properties for contracts entered into between 25 November 2020 and 30 June 2021.
• In a bid to support regional businesses to open, relocate and expand the Government is also planning to deliver a 50 per cent stamp duty concession on the purchase of commercial and industrial properties from January 2021.

Grants

• The Victorian Homebuyer Fund will provide $500 million to accelerate Victorians into home ownership, with the fund to contribute to the purchase price in exchange for a proportionate equity interest in the property.
• This fund will support the purchase of both established and newly built homes, and will reduce the size of the deposit required.
• The $20,000 first home owner grant will also be extended for anyone buying or building a new home in Victoria – to 30 June 2021.

With all of the new and extended help from the Victorian Government, there has never been a better time to buy!