Please note - Due to the holiday season, builders and developers may be slower than usual in responding to any queries Close

Victorian Budget: Stamp Duty Temporarily Slashed By Up To 50% For New Homes

This article will be updated as new information is released. 

Christmas has come early for Victorian homebuyers as the Victorian Government injects record investment in housing and planning announced in yesterday’s budget for 2021. The investment is expected to reinvigorate the Victorian housing market, which has taken a hit following the summer bushfires and the restrictions put in place due to COVID-19.

“This budget will get more people into their new homes and guarantee Victoria’s livability for generations to come. It’s a shot in the arm for the housing industry and will lock-in economic activity and secure Victorian jobs,” said CEO of UDIA Victoria Danni Hunter. (Source)

stamp duty

The big-ticket items in this budget for homebuyers include:

  • A stamp duty waiver of 50% for newly built or off-the-plan properties valued up to $1 million, for contracts entered between 25th of November 2020 and 30th of June 2021
  • Existing homes will be eligible for a 25% stamp duty waiver

A $500 million Victorian Homebuyer Fund will also be launched. The fund will contribute to the purchase price in exchange for equity in the property. The plan has been developed to reduce the size of the deposit needed to buy a new home and will be put in place for those who do not have a 20 per cent deposit.

The government also announced an extension of the $20,000 First Homeowner Grant for those buying or building a new home in Regional Victoria. The grant has been extended to apply to contracts signed up to 30th of June 2021.

Now is the perfect time to take advantage of this stamp duty waiver and the other incentives on offer in your state. You can check them all out here. If you’re not sure where to begin, don’t hesitate to get in touch with one of our new home advisors at iBuildNew who can help guide you through your options and the process. Click below to get started.

iBuildnew Advisory Team
Let us do the legwork for you.
  • We’ll ask the right questions to better understand your needs
  • We’ll create a recommended shortlist ideally matched to you
  • We’ll answer specific questions or concerns related to home building, land purchasing or financing

Manya Mehra

About

iBuildNew is the market leading aggregator dedicated to residential home construction and land development. As an independent platform, iBuildNew helps Australians identify and compare new home designs, house and land packages and land estates. It’s the smart way home buyers, who are considering a new build, can find the ideal options to match their individual needs. Home building is a big decision, we make sure you get it right.

You may also like

Sep 21, 2016

New Home Finance: How To Choose a Mortgage Broker

There are so many options available when it comes to choosing home loans and mortgage l...
Read More
Mar 29, 2017

Understanding Stamp Duty Concessions for Your New Build

Stamp duty is a tax that everyone buying assets, such as real estate, is required to pa...
Read More
Aug 01, 2019

Cost Saving Tips When Building A New Home

When starting your exciting journey to building a new home, constantly adhering to your...
Read More
Oct 30, 2019

Buying A Home? Plan Ahead For These Hidden Costs

It can be too easy to become swept up in the excitement of buying a property, that you ...
Read More
Feb 26, 2020

Your Handy Guide To Understanding Stamp Duty

When it comes to purchasing properties, experienced homebuyers understand that the cost...
Read More
Dec 12, 2017

6 Ways To Stretch Your New Home Building Budget

When you start building it is likely that your lender will set you a budget or a cap to...
Read More
Oct 05, 2018

How can I get a home loan?

When applying for a home loan, one of the most pressing questions you’ll have is ‘how m...
Read More
Feb 03, 2017

The Parent Trap: Keeping Your Home Loan Under Contro...

This post was originally published at unohomeloans.com.au Building a new home is a drea...
Read More
Aug 30, 2017

Can the Super Saver Scheme Help Get You in to Your N...

The issue of housing affordability does not seem to be fading for many first time buyer...
Read More
Dec 14, 2023

How To Apply For The First Home Guarantee?

Buying your first home is a significant milestone, but it often comes with financial ch...
Read More
Dec 14, 2023

First Home Guarantee

In Australia, the First Home Guarantee has been a great help for many aspiring homeowne...
Read More
May 31, 2017

You Can Own Your First Home – Shared Equity Pr...

With traditional methods of saving a deposit and purchasing a first home seems to be ou...
Read More
Dec 10, 2019

How Much Can I Afford To Borrow For My Dream Home?

When thinking of buying a new home, especially for a first home buyer, it is crucial to...
Read More
Jan 08, 2018

No Land for Sale Near You? Here’s how to Finance a K...

Finding vacant land for sale in Melbourne is near impossible. And if you have your hear...
Read More
Jul 10, 2019

Tips To Prevent Homebuyer’s Remorse

The journey to buying a house is an exciting, emotional experience that will surely lea...
Read More
Oct 30, 2019

Tips To Increase Your Chances Of Getting The Mortgag...

For most aspiring homeowners, getting a home loan is usually part of the deal. With ban...
Read More
Jul 23, 2019

10 Essential Questions To Ask Your Mortgage Broker

When you're in the market for a new mortgage, acquiring a home loan can be a complicate...
Read More
Jun 30, 2016

Top Reasons Banks Reject Home Loan Applications

Doing some homework before you apply for a home loan can pay big dividends when you app...
Read More
Oct 27, 2019

When Is The Right Time To Buy Or Sell Your Home?

When entering into the real estate market, it is all about getting the correct timing f...
Read More
May 06, 2016

Building A House – How Do Construction Loans W...

If you are thinking of building a house, then you will also have to start considering y...
Read More
Jun 28, 2021

Selling Your Property? 10 Questions to Ask Your Real...

Whether you are selling your lifetime home or an investment property, finding and selec...
Read More
Jun 24, 2019

Different Types Of Home Loans And Choosing The Right...

Securing a home loan isn’t really the daunting task it’s made out to be. While a strong...
Read More
Oct 25, 2016

First Home Finance Tips

Building your first home is probably the biggest decision you will ever make. The first...
Read More
Aug 04, 2017

10 Wise Ways to Pay Off Your Mortgage Earlier

Owning your own home is an exciting time of your life. With all the possibilities and l...
Read More

Get more from

Browse New House Designs