If you’re in the market to purchase a new or existing property in 2021, you should know about the stamp duty waiver announced by the State Government in its November 2020 budget.
The key information you need to know:
The Victorian Government has announced a land transfer (stamp) duty waiver for purchases of Victorian residential property with a dutiable value of up to $1 million.
- For new residential properties, a 50% land transfer duty waiver of the duty otherwise payable applies.
- For existing residential properties, a 25% land transfer duty waiver of the duty otherwise payable applies.
- For vacant residential land, a 25% land transfer duty waiver of the duty otherwise payable applies.
The waiver applies after all other eligible benefits, such as the first home buyer duty concession, the principal place of residence concession and the pensioner concession, have been taken into account. However, the waiver does not apply to foreign purchaser additional duty.
Source: State Revenue Office (Victoria). For full details, visit this page
The waiver announcement, which forms part of the State Government’s Big Housing Build initiative, was praised by the Victorian branch of the Urban Development Institute of Australia (UDIA). The UDIA released a statement declaring that it’s “a win-win for Government and homebuyers” that will enable new entrants into the housing market.
The home buyer market in Melbourne is hotting up. Looking to buy in Melbourne and afraid you’ll pay to much? Talk to me about how I can help you buy your new home faster, for less.
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By Wendy Chamberlain
Copyright 2021 | All Rights Reserved
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With a passion for all things real estate spanning over 20 years, Wendy loves that her role as a Buyers Agent and Sellers Advocate gives her buying and selling clients an experienced voice they can trust when it comes to negotiating to buy or sell something as important as their home or investment. Wendy considers it a privilege to be asked to help others realise such an important goal as home ownership and to be trusted with that honour. Get in touch today via www.wendychamberlain.com.au for a no obligation chat about how Wendy can work with you and help you save time and money to secure your new home sooner.