Aussie welcomes Victorian stamp duty cut

Media release

24 November 2020|2 minute read

 

Chief Executive Officer of Aussie, Mr James Symond, has welcomed the Victorian Government’s move to slash the cost of stamp duty by up to 50 per cent for newly built homes valued up to $1 million.

Those buying existing homes will receive a 25 per cent discount on stamp duty, up to the same value, with both initiatives to be in place until the end of June 2021.

Mr Symond was pleased to see the Budget provide direct stimulus to support the residential property market in Victoria, “The Victorian Government understands the need to kick-start the state economy, as people emerge from lockdown with pent-up demand and enforced savings by not travelling or going out,” he said. 

“The stamp duty relief offers first home buyers in Victoria a fighting chance at getting into the market sooner than they would otherwise; and could have an immediate and positive impact on first home buyers and young families.

“It is a great time for Victorian next home buyers and those looking to enter the property market, with the power is in their hands when it comes to getting a good home loan deal amid low mortgage rates and government initiatives. We would like to see even more support measures for homebuyers continue.”

Mr Symond also commended the Government’s support for the emerging build-to-rent sector, which, “Will support job creation and provide high-quality rental developments for Victorians.”

In addition, Mr Symond said the current conditions are creating the perfect storm for homebuyers across the country.

“Many lenders are offering a range of competitive incentives and low rates for new customers. With the stamp duty cut, Victorian buyers are in a great position to buy a property but they should seek expert advice from a mortgage broker to help with the finance application process,” concluded Mr Symond.


 

About Aussie

Aussie was founded in 1992 by John Symond and was widely credited for bringing competition to the Australian home lending industry. For nearly 30 years, Aussie Brokers have put progress within reach of more Australians, helping over 1.5 million customers with their home loan. Today, Aussie has the largest retail footprint across Australia.

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