Australian HomeBuilder Scheme* Extension

The Federal Government's HomeBuilder Scheme* is making it even easier for those looking to build a new home to get onto the property ladder. The grant could directly help young families, first home buyers, upgraders and downsizers realise their goal of home ownership sooner.

On 29 November 2020, the Federal Government announced an extension to the HomeBuilder Scheme to 31 March 2021.

Read more about changes to the HomeBuilder Scheme below.

 Builder contract signed date    4 June 2020 and 31 December 2020   1 January 2021 and 31 March 2021

Grant amount

$25,000

$15,000

Construction commencement timeframe in Victoria

Construction must commence within six months of the contract being signed.

New build price cap

Property value cannot exceed $750,000

Property value cannot exceed: $850,000 in Victoria

Application deadline

Applications must be submitted to the State Revenue Office by 14 April 2021.

Other eligibility criteria

Eligibility and other criteria apply

 

Victorian Stamp Duty Savings*

In November 2020, the Victorian State Government introduced stamp duty waivers of 50% on newly built or off-the-plan residential homes worth up to $1 million, for contracts entered into between 25 November 2020 and 30 June 2021 (inclusive). 

The stamp duty savings will make it easier for Victorians to buy a home and give much-needed support to the construction sector - a key driver of Victoria's economic growth - and should have an immediate and positive effect for first-home buyers, young families and retirees.

The table below shows examples of the potential stamp duty savings applicable to properties of various dutiable values: 

Property Value

Stamp Duty*

50% saving

$450,000

$18,970

$9,485

 $500,000   $21,970   $10,985
 $600,000   $31,070   $15,535
 $700,000   $37,070   $18,535
 $800,000   $43,070   $21,535
 $900,000   $49,070   $24,535
 $1,000,000   $55,000   $27,500

*Calculated using the “Land Transfer (Stamp) Duty Calculator” (link here) on the State Revenue Office Victoria website using a contract date of 1/12/2020 and the following criteria:

• Are you purchasing property in regional Victoria for commercial, industrial or extractive industries use? NO
• Are you a foreign purchaser? NO
• Is it your principal place of residence (PPR)? YES
• Is it your first home? NO


For more information on the Victorian Government stamp duty waiver, visit: https://www.sro.vic.gov.au/victorian-budget-2020-21-announcements 

First Home Buyers in Victoria may be eligible for a stamp duty exemption or concession depending on the dutiable value of the home. Conditions apply. Go to https://www.sro.vic.gov.au/fhbduty for more information.

$10,000* Victorian First Home Owners Grant

If you are a first home owner in Victoria, you could be eligible for an additional $10,000* First Home Owners Grant. Learn more about the Victoria’s First Home Owner grant here.

At Stockland, we’ve been building communities across Australia for over 65 years, helping Australians towards their first, second or forever home, and supporting them throughout their home buying journey.

As Australia’s largest residential developer and creator of some of the country’s most liveable and affordable masterplanned communities we are working hard to make sure we have home and land packages available, to help as many people as possible access the scheme.

*Not Stockland promotions. Eligibility and other restrictions apply. 
For details on HomeBuilder visit https://treasury.gov.au/coronavirus/homebuilder.
For details on the Victorian First Home Buyer grant visit https://www.sro.vic.gov.au/first-home-owner .
For details on the Victorian Stamp Duty savings visit https://www.sro.vic.gov.au/victorian-budget-2020-21-announcements.

 

 




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