In a bid to stimulate the property market after the shock of Covid 19, earlier this week the state government announced further stamp duty savings of up to 50%. In a $500 million scheme aimed at targeting newly built or off the plan purchases.
From November 25th until the end of the financial year, June 30th 2021, home buyers will be eligible for a 50% saving on stamp duty costs. This is also in addition to the $25,000 HomeBuilder grant and the $25,000 developers rebate already implemented, meaning you can have thousands on your next purchase.
The eligibility criteria for these stamp duty savings are:
- Property purchased for under 1 million
- Newly built or off the plan purchase
- Contract entered after November 25th 2020
*If the property is an existing/ older home you will still be eligible for a 25% stamp duty reduction.
There is also another initiative by the state government aimed at getting more first home buyers into the market which is the Homes Vic Shared Equity Initiative. This scheme enables first home buyers to purchase a home and qualify for a home loan with a 5% deposit. For more information check out the Victorian Government’s website: https://www.vic.gov.au/homesvic-shared-equity-initiative
If you have seen something you like on our website, there’s never been a better time to purchase and save. Take advantage of all the grants available and contact us now on:
1800 267 687 or fill out our contact form below.