Homebuyers score stamp duty discounts from Victoria Budget 2020

To stimulate the property market, the Government will waive up to 50 per cent of stamp duty on newly built or off-the-plan homes valued at up to $1 million until June 30 next year.

Existing homes will be eligible for a 25 per cent waiver.

A $500 million Victorian Homebuyer Fund will be launched to help people who do not have a 20 per cent deposit buy homes. The fund will contribute to the purchase price in exchange for equity in the property.

The Government hopes a 50 per cent land tax discount to be introduced from 2022 will attract new investment in build-to-rent deve

lopments and boost housing supply by about 5,000 homes.

Key points:

• The Government will waive 50 per cent of stamp duty on newly built and off-the-plan homes valued below $1 million until 30 June 2021

• The Government will waive 25 per cent of stamp duty on existing dwellings valued below $1 million until 30 June 2021

• The aim here is to get as many people as possible in the price bracket of $1m and below, back into the housing market

If you are looking to purchase your next home and want to understand your new budget based on the above information, please contact us today!

Email: abbey@ambfs.com.au

#ambfinancialservices #amb #mortgagebroker #melbourne