Stamp Duty Discounts: A Big Win For Victorians
After the tumultuous year that’s been, the Victorian government announced on Tuesday 24th November that the cost of stamp duty will undergo some drastic changes. There are cuts of up to 50% for Victorian home buyers, providing a much needed reprieve.
The Victorian government has announced a 50% discount which will apply to all newly built homes to the value of $1 million, up until the end June 30th 2021. The halving of stamp duty can equate to savings of up to $27,500 for people looking to buy in the million dollar home bracket.
While those looking to buy established homes to the value of $1 million and prior to June 30, 2021, will receive a 25% discount on their stamp duty.
This will equate to savings of up to $13,750.
These changes will have an immediate positive impact on those looking to buy. From down-sizers to first home buyers, the discounts will provide a boost in the right direction, with stamp duty often being a stumbling block for many.
These discounts will also provide some much needed support across the State, after home buyer’s plans were put on hold due to COVID-19. Whether they had to dip into their savings for further financial support, or faced difficulties maintaining employment, the slashing of stamp duty could be the push home buyers need to get back into their property search.
Now is the time to buy or sell, with these discounts and a Stockdale & Leggo agent by your side, the time to make your next move is here.