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As part of the 2020/21 state budget, the Victorian Government has announced a series of measures aimed at making home ownership a reality. Here's what you need to know:
- A 50% stamp duty waiver for homes valued at up to $1 million will be available for contracts entered into from 25 November 2020 to 30 June 2021. This relief is targeted at newly built or 'off-the-plan' homes. Existing homes will be eligible for a 25% waiver.
- A Victorian Homebuyer Fund to accelerate home ownership has been announced. Funds will contribute towards the purchase price and aims to reduce the size of the deposit required. This support is available for the purchase of both established and newly built homes.
- The $20,000 regional first home owner grant has been extended to apply to contracts of sale entered up until 30 June 2021.
The best news? First home buyers purchasing a property over the value of $600,000 will be eligible for both the existing first home buyer duty concession and new waiver. This could total thousands in savings.
Contact us today and one of our mortgage brokers will let you know if you're eligible for any of these incentives*.
Find out if you're eligible
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Get started*Information on this page does not consider your personal needs and financial circumstances and you should consider whether it is appropriate for you. Eligibility is at the discretion of State Government. To find out more click here. All Financial services provided by Resolve Financial Solutions Pty Ltd trading as Resolve Finance ABN: 65 079 545 378 Australian Credit Licence No. 385487.