In a huge win for home buyers and their bank accounts, the state government has announced a massive 50 per cent waiver on stamp duty!
Part of the Victorian Budget 2020/21, the stamp duty concession will apply to new residential builds valued up to $1 million. The 50 per cent stamp duty waiver will be in place until 30 June 2021 and could potentially save home buyers up to $27,500! This is fantastic news for buyers who’ve been saving hard during lockdown to build up a deposit and looking to make their homeownership dreams a reality in 2021.
And stamp duty concessions weren’t the only thing announced in the Budget on Tuesday. A raft of tax relief measures, all designed to boost Victoria’s post COVID economy, were also revealed including a $500 million Victorian Homebuyer Fund. The finer details of this scheme haven’t been announced quite yet, but its intention is to make it easier for first home buyers to secure a home with less than a 20% deposit. The fund does this by contributing to the purchase price in exchange for equity interest in the property.
With interest rates at an all time low and these latest government concessions, competition is about to ramp up in the Victorian housing market! To help you understand all the announcements and to best gauge whether now is the right time for you to purchase be sure to have a chat to your broker about your finance so you don’t miss out. And if you have your heart set on a new home at Riverfield, call 1800 001 895 to get in touch with our team today!