What’s in the federal budget for homeownership?
- Twelve-month extension of the HomeBuilder construction commencement period for existing applicants.
- First Home Loan Guarantee Scheme: An extra 10,000 places in the New Home Guarantee scheme. Under this scheme, the first home buyer only needs a 5% deposit with the Government acting as guarantor for the remaining 15%.
- First Home Super Saver Scheme: An increase of the maximum amount of Super contributions that can be released under the First Home Super Saver Scheme, from $30,000 to $50,000.
- Family Home Guarantee: 10,000 eligible single parents with dependants to build a new home or purchase an existing home with a deposit of as little as 2%.
For more information visit: https://budget.gov.au/2021-22/content/overview.htm#top
What’s in the state budget for homeownership?
- For new residential properties within the City of Melbourne local government area worth up to $1 million that has been on the market for less than 12 months, a new 50 per cent concession will apply for contracts entered into from July 1, 2021, to June 30, 2022.
- Victorians buying new residential property worth up to $1m in the greater Melbourne local government area will get a concession of up to 100 per cent on stamp duty if the property has been unsold for more than 12 months.
- Any homes worth $2m or more transferred after July 1 will face an increased stamp duty payable to $110,000 plus 6.5% of the dutiable value in excess of $2 million.
- Temporary increase in the eligibility threshold for the off-the-plan duty concession to $1 million for all home buyers.
- The land tax rates for high-value landholdings exceeding $1.8 million will rise by 0.25 percentage points, and land holdings exceeding $3 million will rise by 0.30 percentage points.
For more information visit: https://www.sro.vic.gov.au/state-budget-2021-22-announcements