Christmas has come early for Victorians looking to enter the property market, with Daddy Dan Andrews slashing stamp duty by up to 50%, which is a huge win for your bank account.
“It’s about building a strong recovery – and an even stronger future for our State,” Victorian Treasurer Tim Pallas said in his Treasurer’s address today.
“A budget to repair, recover and make us stronger than before.”
As part of the multi-billion dollar state budget, the Victorian Government will offer a significant break in stamp duty costs until June 30 next year in an attempt to stimulate the property market in the wake of the pandemic.
If you’re in the market for a newly built or off-the-plan home, the Government will cut your stamp duty costs in half, offering a 50% discount on anything under $1 million.
Meanwhile, any existing homes will cop a 25% discount, which is still a significant amount of cash that’s better off in your own pocket.
In addition to that, they’ve also introduced a $500 million Victorian Homebuyer Fund, that will help anyone who can’t afford that monstrous 20% house deposit.
The Government is yet to reveal the specifics of the Homebuyer Fund, such as who is eligible and how to access the fund. But basically, the government will contribute to the purchase price of your property in exchange for equity in whatever you purchase.
Obviously, the cuts will only really impact those of us who were already looking to buy a property within the next year, but if you *were* already thinking about it, you’re about to save some sweet cash money that will be far better spent on fun stuff to put in your new home (see: house plants, lots and lots of house plants).
You can peep the rest of the details of the budget on the Victorian Government website, but stamp duty cuts for homebuyers and the newly announced sick leave for casual and insecure workers are likely the big wins for young Aussies.