Stamp Duty for Victorians is about to change. For those who have been putting off buying a new home due to major changes this year, you are not alone. 2020 has put many plans on hold, especially for buyers wanting to break into the property market. However, there is some good news for Victorians.
Firstly, what is Stamp Duty? Stamp Duty is a tax that all home buyers must pay on settlement of a new property. The amount required to pay is determined by the market value of the property. Buyers can benefit from a tax break, depending on what type of buyer they are.
Last night, the Victorian government announced big changes to Stamp Duty for prospective homebuyers.
A spectacular savings of 50% on Stamp Duty for Victorians is applicable on new homes purchased from 25 November 2020, up until 30 June 2021.
Those wanting to purchase an already established home can still benefit from a 25% saving on Stamp Duty.
The property value limit of $750k has now been dropped, with buyer’s now able to benefit from this tax break on properties up to the value of $1m.
Another announcement was also made that will benefit homebuyers. Getting into the residential property market will soon become more affordable, with the government announcing a $500 million fund aiming to assist homebuyers with their 20% deposit.
Government support through the fund will go towards the purchase price, in exchange for equity in the property. Thereby reducing the deposit amount required for buying a home, regardless of whether the home is new or established.
The specifics of eligibility are still yet to be announced; however, this is great news for Victorian home buyers. There has never been a better time to buy a new home.
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