Stamp Duty Concessions for First Home Buyers in Victoria

What is Stamp Duty?

Stamp duty (officially called "land transfer duty" in Victoria) is a tax paid when you purchase property. It's calculated as a percentage of the property's value and can add tens of thousands to your purchase costs.

First Home Buyer Exemptions

Victoria offers generous concessions for first home buyers purchasing their principal place of residence.

Full Exemption

New homes: Properties valued up to $600,000

Established homes: Properties valued up to $600,000

Partial Concession

Properties valued between $600,001 and $750,000 receive a sliding scale concession

How Much Can You Save?

Eligibility Criteria

To qualify for first home buyer concessions:

1. Never owned property: You (or your partner) haven't owned residential property in Australia 2. Age requirement: At least one buyer must be 18 or over 3. Residency: You must move in within 12 months and live there for at least 12 continuous months 4. Australian citizen or permanent resident: Required at settlement

Off-the-Plan Concessions

Buying off-the-plan? You may only pay stamp duty on the land value, not the completed building. This can result in significant savings, even if you're not a first home buyer.

Principal Place of Residence Concession

Not a first home buyer? If you're buying a property to live in (not invest), you may still access reduced rates on properties under $550,000.

Next Steps

Understanding your total purchase costs is crucial for budgeting. I can help you calculate the full picture, including stamp duty, legal fees, and other costs. Book a free consultation to plan your purchase properly.