Get the most out of the VIC Land Transfer duty waiver (up to 50%) before 1 July 2021.
This Victorian Government duty waiver for residential property with a dutiable value of up to $1 million is ending in July this year!
VIC Temporary Duty Waiver in brief.
The Victorian Government has released the State Budget for 2020 to 2021 on 24 November 2020, with the aim of "putting people first".
In order to stimulate the property market and assist with housing affordability, this budget includes a temporary duty waiver for property transactions of up to $1 million. The waiver applies after all other eligible benefits, including the first home buyer duty concession and pensioner concession. For more information please refer to the State Revenue Office.
Eligibility for VIC Land Transfer Duty Waiver.
As long as you are:
buying a residential property;
having a dutiable value of less than $1 million;
signing the contract between 25 Nov 2020 and 1 July 2021;
not buying the property as a gift.
Then you are eligible for a land transfer duty waiver of up to 50% before July 2021!
For new residential properties, a 50% land transfer duty waiver of the duty otherwise payable applies.
For existing residential properties, a 25% land transfer duty waiver of the duty otherwise payable applies.
For vacant residential land, a 25% land transfer duty waiver of the duty otherwise payable applies.
What we can do for you!
The Livable Professional Conveyancing team is here to help you get the most out of this temporary land transfer duty waiver! We provide dedicated services to take care of the whole process for you, from checking your eligibility, gathering supporting evidence, to completing and lodging the application.
Contact us now to get a Free Quote!