Stamp Duty halved on Newly Built Apartments

The Victorian Government announced in its recent budget that it will waive up to 50 per cent of stamp duty on newly built or off-the-plan homes valued at up to $1 million until June 30 2021.  Salta welcomes this announcement and has several projects where homebuyers can take advantage of these new stamp duty discounts until the end of the 2020-21 financial year. 

The stamp duty discount has been welcomed by many Victorian homebuyers, with the state having the highest stamp duty costs in the nation. Often one of the biggest costs associated with buying a home (apart from the property price itself), the stamp duty discounts can result in savings of up to $27,500.

Another bonus, is that this additional discount can be applied on top of stamp duty concessions already available for those purchasing off-the-plan properties.

Benefits of the stamp duty discount

Depending on the purchase price, and how much stamp duty you would have otherwise paid, the savings under the scheme can be substantial - up to $27,500. It’s up to you what you do with your savings.

You can:

Put the money towards your deposit allowing you to buy a more premium property (you’ll still be eligible as long as your purchase price is under one million dollars).

Put the money towards a larger deposit to decrease your loan-to-value ratio - which could lower any LMI that you would have paid, and will also mean you pay less interest over the life of your loan.

Enjoy the savings however you want; plan that holiday or treat yourself to furniture to make your house a home.

 

Who is eligible for the Victorian State Government’s stamp duty discounts?

You’ll be eligible for a 50% discount on your eligible stamp duty if you:

Are a local first home buyer, owner occupier or investor

Enter into a contract for a newly built or off-the-plan property with a purchase price of under $1 million, on or after 25 November 2020 and before 1 July 2021

Those purchasing established property are also eligible for a discount of 25% on stamp duty.

 

To Apply

Your conveyancer or solicitor will apply for any stamp duty concessions or discounts on your behalf, as well as any additional government incentives you may be eligible for.

For more information visit the SRO website

View apartments that may be eligible for these savings here