How you can make the most of Victoria’s current Stamp Duty discounts

Last year was a bit of a whirlwind for most of us. Everything we thought we knew went out the window. We had to learn completely new ways to do many day-to-day things, from groceries to homeschooling, and we had to keep on top of social distancing rules.

But one thing that didn’t really change as much as expected was the resilient strength of Victoria’s housing market. In fact, with the Federal government offering schemes like the HomeBuilder grant to help build new homes or substantially renovate existing ones, the market actually enjoyed a considerable boost.

The extended HomeBuilder grant isn’t the only attractive incentive on offer right now. Thanks to the Victorian government, there are significant waivers up for grabs on stamp duty too. And these offerings combined mean it’s actually a brilliant time for first home buyers to get into the market, those looking to upsize or downsize to a new home, or purchase an investment property.

What can I save on stamp duty?

The great news is that the Victorian government offered considerable savings on stamp duty in response to the crisis last year. It’s in their best interest to ensure the building industry and homebuyers were protected as a vitally important part of the local economy. And that’s great for everyone.

They announced an incredible:

• 50 per cent waiver on stamp duty for all brand new residential properties built
• 25 per cent waiver on stamp duty for purchasing an existing residential property
• 25 per cent waiver on stamp duty for purchasing vacant residential land

All of which mean there are considerable savings to be had if you are eligible.

Who is eligible for the stamp duty waivers?

The stamp duty waiver only applies to residential properties. If you are planning to buy or build a commercial property, you will not be able to claim it.

There is also a cap of $1 million on the total cost of the residential property you are planning to purchase/build in order to access the stamp duty waiver.

You must sign a contract before 1 July 2021 to be eligible. The settlement does not have to occur by that deadline.

The stamp duty waiver can be applied alongside any concession you may be eligible for, including the First Home Owner and the HomeBuilder grants, the Principal Place of Residence and Pensioner concessions. The stamp duty waiver is applied after all other benefits have already been deducted.

You can figure out your stamp duty cost at the State Revenue Office Victoria website here.

The waiver does not apply to foreign purchaser additional duty.

How can I get the best advice on accessing the stamp duty waiver?

Navigating changes in grants and waivers and who can access them can be really confusing. We get it. That’s why it makes perfect sense to have an expert on your side. Buying or building a new home is always a complex legal process, whether you’re a first home buyer or this is your fifth rung on the property ladder. But it doesn’t have to be down to you.

It makes plenty of sense to engage an experienced Melbourne conveyancer to ensure you make the most of every possible benefit, including the stamp duty waiver. Here at Fastrack Conveyancing, co-founders Justine Kitchen and Tammy D’Amore offer 35-plus years of industry knowledge between them. And they have a particular focus on new residential builds and off-the-plan vacant land transactions, both of which can mean you are entitled to the waiver.

It makes plenty of sense to engage an experienced Melbourne conveyancer to ensure you make the most of every possible benefit, including the stamp duty waiver. Here at Fastrack Conveyancing, co-founders Justine Kitchen and Tammy D’Amore offer 35-plus years of industry knowledge between them. And they have a particular focus on new residential builds and off-the-plan vacant land transactions, both of which can mean you are entitled to the waiver.

They can help smooth out all the bumps and make the process as painless as possible. As they say, “We provide very hands-on support, especially for first home buyers who need extra help.”

Thinking of buying a new property? Talk to a Fastrack Conveyancing expert today on 03 9915 5790 or email us here.