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Victorian 20/21 budget announcement

Victorian Budget 20/21 Announcement Victoria’s Big Housing Build has been estimated to provide thousands of Victorians the long awaited security and stability of access to a home. The Victorian government has committed $678 million to making housing more affordable and accessible to Victorians via the following initiatives; Victorian Homebuyer Fund The Victorian Homebuyer Fund will have a total of $500 million to assist Victorians with home ownership of a property. The fund will contribute to the purchase price of the property in exchange for a proportion of the equity interest. This will assist by reducing the amount required for the deposit allowing Victorians to own their own home sooner. The fund will assist Victorians to purchase either established or a newly built home. Land Tax discounts Starting 1 January 2022, Victoria’s Big Housing Build will provide a 50% land tax discount for eligible new developments until 2040.The developments will also...