Question 1

What is stamp duty?

Accepted Answer

Stamp duty (also called land transfer duty) is a state government tax you pay when you buy property. In Victoria, it's based on the property's purchase price or market value.

Question 2

Do first home buyers pay stamp duty in Victoria?

Accepted Answer

First home buyers in Victoria may be exempt from stamp duty entirely (for properties up to $600,000) or receive a concession (for properties $600,000-$750,000). This can save you over $30,000.

Question 3

What's the difference between exemption and concession?

Accepted Answer

An exemption means you pay no stamp duty at all. A concession means you pay reduced stamp duty. First home buyers get an exemption for properties up to $600,000, and a sliding scale concession for properties between $600,000 and $750,000.

Question 4

How do I claim the first home buyer stamp duty exemption?

Accepted Answer

Your conveyancer or solicitor will apply for the exemption or concession on your behalf when processing the property transfer. You'll need to meet the eligibility criteria and provide required documentation.

Question 5

What if I've owned property overseas?

Accepted Answer

If you've owned property anywhere in the world (including overseas), you may not qualify as a first home buyer for stamp duty purposes. Specific rules apply — it's best to check your eligibility.

Stamp Duty Calculator

First Home Buyer Stamp Duty Benefits

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