First home buyer: duties, consessions, grants
As a first home buyer, If you are buying or building a new home valued up to $750,000, you may be eligible for the First Home Owner Grant (FHOG).
Exemptions and Concessions:
First-home buyer duty reduction – a one-off stamp duty waiver for a PPR (principal place of residence) valued up to $600,000 [nil stamp duty].
Off-the-plan concession – a duty concession for an off-the-plan property, either as a land and building package, or as a refurbished lot
Pensioner concession – a one-off duty exemption or concession for a new or established home valued up to $750,000
Principal place of residence (PPR) concession – a duty concession for when a property you buy, valued up to $550,000, is intended as your primary home
First-home owner with family exemption/concession – a one-off duty exemption or concession for properties valued at $200,000 or less
Young farmer’s exemption/concession – a one-off duty exemption/concession for young farmers buying their first farmland property
If you are a foreign purchaser and you acquire residential property in Victoria, you must pay additional duty of 7 per cent (for contracts dated after 1st July, 2016 on the dutiable value of your share of the property (prior to the application of any concessions).
Please note: If you buy or acquire any land in Victoria, you must complete and lodge a Form 62 Purchaser Statement.
Information and resource: State Revenue Office, Victoria.
