Melbourne landscape-denise-jans

The 2020 state budget was helpful for homebuyers

Victorian homebuyers will see a half-price stamp duty discount in an effort to kickstart the state's property market under a $6 billion plan.

New residential builds and off-the-plan homes valued under $1 million will receive a 50 per cent waiver on stamp duty up to $27,500 until June 30, 2021 according to the recent State Budget.

There is also the option to claim a 25 per cent saving of up to $13,750 when purchasing existing residential properties for the same period.

A $500 million Victorian Homebuyer Fund will be established to assist first homebuyers in cracking the property market also.

The fund will contribute to the purchase price in exchange for equity interest in the property, reducing the deposit size needed.

It will support the purchase of both newly built and established homes.

A 50 per cent land tax discount will also be introduced from 2022 to spark interest for the build-to-rent sector.

$5.3 billion has also been set to build more than 12,000 new social and affordable homes.

For more information visit the Victorian Department of Treasury and Finance website.