If you are a first-home owner, you may be eligible to receive a range of Land Transfer Duty discounts and exemptions. Further information regarding eligibility requirements can be found on the the State Revenue Office website.
First Home Owners Grant
To be eligible for a grant of $10,000, you must be buying or building a new home valued up to $750,000. Established homes are no longer eligible.
First-home buyer duty reduction
If you are purchasing a new or established property that is valued between $130,000 and $600,000, you may be entitled to a 50% reduction on Land Transfer Duty (formerly Stamp Duty).
Off-the-plan duty concession
This applies to those purchasing a land and building package or a refurbished lot.
Duty exemption/concession for first-home owners with a family
If you are a first home buyer with a family and the property is valued at less than $150,000, you may be entitled to a full exemption. A duty concession is available for properties valued at no more than $200,000.
Duty exemption/concession for first-home owner pensioners
A full exemption applies to properties valued up to $330,000. If the property is valued between $330,000 and $750,000, the buyer is entitled to a concession. You must hold a relevant concession card to be eligible.
Principal place of residence concession
A duty concession is available for new or established properties valued up to $550,000. To be eligible, the property must be your primary home which you intend to live in within 12 months of settlement and remain there for a minimum of 12 months.
Young farmers buying a farm exemption/concession
If you are under 35 and buying your first farmland property, which is valued below $750,000 you may be eligible to receive assistance.
If you’re looking to buy property, we can help. We’ve acted on hundreds of property conveyances across Melbourne and pride ourselves on efficient, hassle-free, professional outcomes and clear, easy communication. Call us today on 9534 3002.