C&G’s Guide to Stamp Duty Savings

The Victorian Government has delivered the 2020-21 State Budget, which included significant stamp duty savings for Victorian home buyers. This latest C&G blog unpacks what these savings mean for you. Read on!

In Victoria, buyers are required to pay stamp duty 30 days after a property settlement. This government tax on your transaction is proportional to your home’s market value, type and location. It often costs buyers thousands of dollars upfront, and is also not covered by their home loan.  Traditionally, first home buyers have been exempt from paying stamp duty, provided their purchase meets the conditions listed on this page.   

When the Government announced stamp duty fees were reduced, it goes without saying that buyers happily welcomed the news. Until the end of June 2021, stamp duty would be cut by 50 per cent for new build homes under $1 million and 25 per cent for existing homes. This is exciting news for people intending to enter the market, and whose budget falls below the $1 million mark. Whether they are looking for their dream home or considering downsizing, this is the perfect opportunity to save thousands of dollars in the process!

After a quiet August and September due to COVID-19 restrictions preventing inspections and auctions, this announcement will surely excite buyers and create more competition between listings. According to experts, there may be a brief window of opportunity to secure a good price before they begin to increase.

Wondering how the State Budget could impact you and your property goals? Do not hesitate to reach out to the friendly team at Chisholm and Gamon. We live and breathe real estate, and would be delighted to discuss your next steps.