According to the Victorian budget 2023-2024, second home owners will have to pay a new tax and additional levy depending on the value of their properties. Mortgage broker, Maninder Kaur, offers her advice for multiple property owners as well as those looking to buy second residences.

On 23 May, the Victorian Government announced a new tax levy on investment properties as part of its

2023-24 budget

.

The new tax is designed to help the state government pay down a borrowing debt of $31.5 billion incurred during the COVID-19 pandemic and resulting long lockdowns.

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Some Victorians who own investment properties or holiday homes have expressed concern at the changes.

In an interview with SBS Punjabi, mortgage broker, Maninder Kaur, says the new tax could add to cost of living stress.

Mortgage broker, Maninder Kaur, says a new tax on second home owners could add to cost of living pressures. Credit: Supplied by Maninder Kaur

She says there are a few considerations that a person with multiple properties should keep in mind.

For Victorians considering buying a second property, Ms Kaur also has a list of things to consider.

To listen to this interview in Punjabi, please click on this audio.

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Punjabi_29052023_Victoria budget for multiple properties.mp3

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