The government of VIC has announced an investment of over $293 million to fund a stamp duty concession of up to 50 cents for homes valued at up to $1 million.
This includes a stamp duty concession is for contracts entered into from 25 November to 30 June 2021 and up to 50% saving for homes valued at up to $1 million. The main target is newly built properties or ‘off the plan purchases.’
Newly built or “off-the-plan” homes, which will receive a 50% waiver. Existing homes will be eligible for a 25% waiver.
A first home buyer, for example, purchasing an existing home worth $700,000 would be eligible for both the first home buyer duty concession and then the new 25% waiver, totalling relief of approx. $18,500.
“We’ll help more Victorians find their home and get more Victorians back to work,” Treasurer Tim Pallas said.
First Home Owner Grant
The Government has also extended the $20 000 First Home Owner Grant for people buying or building a new home in regional Victoria to apply to contracts of sale entered up until 30 June 2021.
Reach out to us if you need clarification of how this might effect your ability to purchase a home.