First Home Buyer Incentives

Property Law: 19 February 2024

Author: Lauren Woolley & Ralph Davies - Our People

I am a first home buyer in Victoria, am I eligible to receive any grants, and concessions or exemptions to the stamp duty payable on the purchase? I need all the help I can get.

There are various incentives which are designed to help first home buyers get on the property ladder, these include:

• If you have entered into a contract to buy your first home on or after 1 July 2017, you may be eligible for a stamp duty exemption or concession. The first home buyer exemption is available to first home buyers when they purchase a new or established property in Victoria with a dutiable value of up to $600,000. The duty concession applies where the dutiable value is more than $600,000, but not more than $750,000.
• Vacant land can also attract the above stamp duty exemption or concession if you are buying it to build your first home. To be eligible, this must be your first home and be used as your principal place of residence for a continuous period of 12 months, commencing within 12 months of settlement, to maintain your eligibility for the stamp duty exemption or concession.
• A $10,000 First Home Owner Grant is also available when you buy or build your first new home, provided that the contract price is $750,000 or less.

The above list is not exhaustive, and importantly, only provides a brief summary. Various factors may render you ineligible to the grant and exemption or concession, and therefore it is important to familiarise yourself with the exact details pertaining to the relevant grant and exemption or concession.

Please note: The information in this article is provided for general information purposes only and does not constitute legal advice. It is not intended to be comprehensive or to apply to any specific circumstances. You should seek independent legal advice before acting on any information contained in this article.