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.