The Andrews government has announced a huge $500 million rent relief package to help Australians affected by the coronavirus outbreak.

The package is made up of $420 million in land tax relief for landlords, both commercial and residential, and an $80 million rent assistance fund for vulnerable tenants.

Parliament will sit next Thursday to pass the new rental relief package.

The package will be backdated to March 29, when the national coronavirus cabinet announced a six month moratorium on evictions.

Here’s who is eligible for help under the scheme:

RENT ASSISTANCE

To be eligible for rent assistance tenants must have engaged in mediation with landlords to reduce rent, but still be under financial stress, with their rent comprising more than 30 per cent of their income.

Those who earn less than $100,000 per year, and have less than $5000 in savings, will be eligible for assistance of up to $2000.

Rent assistance payments will be paid directly to landlords.

LAND TAX CONCESSIONS

Landlords, both commercial and residential, will be eligible for land tax concessions if they’ve done a deal with tenants to reduce rent.

They will be eligible for a 25 per cent land tax discount, and deferral of the rest of the tax until March 2021.

Press PLAY below for more.

Press PLAY below for what Tenants Victoria and the Real Estate Institute of Victoria’s thought of the package.