Victora rolls out stamp duty relief and funding for social housing

The government of Australia is offering a stamp duty waiver on homes purchased before 30 June 2021 worth up to $1 Million. The new buyers can avail of up to 50% reduction in stamp duty for new houses and up to 25% discounts on the existing properties of an individual.
In the Victorian Budget 2020-21, this relief move has been announced. A plan of $1.5 Billion investment has been made in the new tax relief. This will be a major support to the Victorian Families and businesses.

“With a waiver on stamp duty, we’ll help more Victorians find their home and get more Victorians back to work,” said Treasurer Tim Pallas.
The state government has also announced a new support scheme for potential buyers who wish to purchase in the future. $500 million have been allocated for this scheme for aspiring buyers. The buyers who are struggling to collect funds for the mortgage deposit, the Victorian Home Buyer fund aims to assist these buyers.

“With a waiver on stamp duty, we’ll help more Victorians find their home and get more Victorians back to work,” said Treasurer Tim Pallas.

The buyers who are struggling to collect funds for the mortgage deposit, the Victorian Home Buyer fund aims to assist these buyers.

“With a waiver on stamp duty, we’ll help more Victorians find their home and get more Victorians back to work,”

said Treasurer Tim Pallas

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Buyers for the first time, more Optimistic?

Even during the time of Covid-19, the young and new buyers are quite optimistic about their first house purchase. The recent cut in the rates has started to encourage them to buy their dream homes and make moves in the market.
The First Home Owner Grant ( FHOG ) and the First Home Loan Deposit Scheme ( FHLDS ) are the two major initiatives taken by the Australian government to provide ease to the first home buyers. These are the national schemes administered under their legislation. The schemes are funded by the states and territories.

The new home buyer has to move into the property in six to twelve months and should be the first Home Buyer in Australia

The buyer also has to stay in the property for six consecutive months.The first home buyers are also exempted to pay any stamp duty on homes up to the evaluation of $650,000.

So, what are you waiting for? Take the first step towards your dream home today.

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