Great welfare!What kind of preferential policies does the Victorian government provide for home buyers?

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Ms. Chen Xiufang, the chief attorney of Woodlands Law Firm, combed through the government's various preferential policies that have the greatest relationship with home buyers, especially first-time home buyers: COVID stamp duty exemption and first-time home buyer subsidies.In view of the timeliness of these incentive policies, Mr. Chen encourages potential buyers to act quickly and don't miss these offers.

COVID Stamp Duty Waiver



How much can COVID stamp duty exemption save?

If a home buyer purchases a new house worth 100 million, he would have to pay stamp duty of $55,000, but now he only pays stamp duty of $27,500, saving $27,500.
For cheaper properties, such as buying a house in Cranbourne, where the median house price is $505,000, the original stamp duty is $25,370, but now it is only $12,685.If the buyer is a first-time home buyer, the purchase of a property under 60 will not have to pay stamp duty, saving even more.
对首次购房者来说,原先的印花税优惠(例如首次购房者印花税减免,主要居住地减免[PPR]和养老金领取者减免)依然适用。所以COVID印花税豁免是在考虑了之前的福利基础上更加放宽了优惠政策。 但是,该豁免不适用于外国购买者额外多付的8%.

Are there any discounts for first-time buyers?

In addition to the stamp duty exemption, there is also the first home purchase subsidy (FHOG).
If a first-time home buyer buys a new house of less than 75 yuan in a remote area, he can get a subsidy of 2 yuan for the first time; if he buys a new house less than 75 yuan in a non-remote area, he can receive a subsidy of 1 yuan for the first time.
What conditions need to be met by home buyers to obtain COVID stamp duty exemption:
• 合同必须在2020年11月25日至2021年7月1日之间签订,并且
• 购买必须是真诚的购买(即按市场价公平交易而不是礼物)

So what counts as residential property?

Residential property here means that there must be a complete house on the land that can be legally lived in at the time of transfer.If the land is a mixed-use property (such as a bar and a residence), the main use must be residential.

When can I not get stamp duty exemption?



Off-the-plan duty concession

For uncompleted uncompleted contracts signed after July 2017, 7, those completed recently are not covered by the stamp duty exemption, but they can enjoy uncompleted uncompleted stamp duty exemption policies.

How can I apply?

Currently, you or your agent are required to provide information about the transaction when submitting an "electronic stamp tax form."The Victorian Revenue Department will assess whether to grant an exemption based on the information disclosed in this form.If all eligibility criteria are met, the tax bureau will automatically apply the stamp duty exemption.

Should I ask a lawyer or a registrar to transfer the account?

Lawyers and transfer teachers charge similar fees, but lawyers have more comprehensive professional skills, which can eliminate potential legal problems in the transfer of houses.Let the lawyer look at the house purchase contract, especially the uncompleted contract, to avoid unreasonable clauses and fully protect the interests of buyers.
The above briefly explains the government preferential policies currently available to buyers. Those who are interested are welcome to call lawyer Chen Xiufang for consultation:
Phone: (03) 9890 0001

地址:Suite 5B,10-12 Prospect Street, Box Hill

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