The Victorian government announced some exciting news for buyers of property in its 2020-2021 budget earlier this week.
Eligible buyers will benefit if:
– signing a contract on or after 1 January, 2021 for the purchase of a commercial or industrial property in regional Victoria – 50% stamp duty concession; and
– signing contracts on or after 25 November, 2020 and before 1 July, 2020 for the purchase of residential property in Victoria with a dutiable value of up to $1 million – a waiver of up to 50% on stamp duty.
I signed a contract on the 24th November, 2020 to purchase a property. Can I change the contract date?
The short answer here is no, unless the parties can mutually agree to cancel the existing contract and enter in to a fresh contract to be dated 25 November, 2020.
The property I am buying is an investment or my next home. Am I eligible for the stamp duty concession?
Yes, on the information we have to date the concession is available to all buyers.
I am buying an existing home. What stamp duty concession will I be eligible for?
A 25% discount on stamp duty is available if you are purchasing an existing home if the purchase price is less than $1 million.
I am purchasing a newly constructed home. What stamp duty will I need to pay?
You will be eligible for a stamp duty concession of up to 50% if the purchase price is less than $1 million.
For further information regarding the changes please visit the State Revenue Office website at https://www.sro.vic.gov.au/ or contact our conveyancing team who will be only too happy to answer your questions.