You may be eligible for the First Home Owner Grant or a range of exemptions, concessions and reductions.
Before you buy your first home, here are some essential facts you need to know.
You can receive $10,000 with the First Home Owner Grant (FHOG)
If you are buying or building a new home valued up to $750,000, you may be eligible for a First Home Owner Grant (FHOG) of $10,000. To be eligible, the home must not have been previously sold or occupied.
You pay stamp duty on your purchase
When you buy your home, you will most likely pay land transfer duty (otherwise known as stamp duty). How much you pay depends on:
the property's value
what you're using it for
if you are a foreign purchaser, and
whether you are eligible for any exemptions or concessions.
There are exemptions and concessions
You may be eligible for, and receive, more than one exemption, concession or reduction from stamp duty for your property. In Victoria, these include:
First-home buyer duty exemption or concession – a one-off duty exemption for a principal place of residence (PPR) valued up to $600,000, or a concession for a PPR with a dutiable value from $600,001 to $750,000. This duty exemption or concession is separate from the First Home Owner Grant. The grant is a payment made to you, whereas the first home buyer duty exemption and concession is a reduction in the amount of land transfer duty you pay.
First-home buyer reduction – a one-off duty reduction of up to 50% for a PPR valued up to $600,000 if you entered into your contract before 1 July 2017.
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 or concession – a one-off duty exemption or concession for properties valued at $200,000 or less.
Young farmer’s exemption or concession – a one-off duty exemption/concession for young farmers buying their first farmland property.
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