The recent Victorian Budget has plenty for homebuyers at Octave, Junction Village with major stamp duty discounts, rebates and funding schemes.
To help you navigate these initiatives, here’s a guide of the incentives you may be eligible for:
Tax Relief on Stamp Duty
The government will waiver stamp duty by 50% for new residential properties up to the value of $1 million. This massive saving is double the waiver for existing residential properties and could provide you savings of up to $27,500* on contracts entered before 30 June 2021.
The Victorian Homebuyer Fund
A $500 million Victorian Homebuyer Fund will offer support to first home buyers. The fund will contribute to the purchase price in exchange for a proportionate equity interest in the property. This will reduce the deposit required and will help make first homes more affordable.
Extra Solar Rebates
Take advantage of the benefits of solar with funds set aside to deliver an extra 42,000 home solar rebates and batteries. If you’re looking to integrate solar into your new home, this is a great incentive for greener living. Plus, you may be able to save on your electricity bill!
For residents at Octave, the government has also set aside $66million to acquire land in Cranbourne, Pakenham, Torquay, City of Whittlesea, Eltham, and Point Cook for new community hospitals. Alongside $2 billion to fund progress on Stage One of the suburban rail loop running between Cheltenham and Boxhill. Once complete the Suburban rail loop will connect Melbourne’s middle suburbs, linking every major rail line, via the airport.
The Victorian Budget 2020 coupled with the recent increase in places in the Federal Governments First Home Loan Deposit Scheme and First Home Owner Grant has plenty of options to support you in purchasing a property.
To book a 1:1 consultation with Belinda to discuss these opportunities and land available at Octave, click here to book an appointment.