First Home Buyer Grant and Stamp Duty Benefits

We would like to provide you with a summary with the update on the changes to stamp duty and first home owners grant in Victoria as of 1 July 2017 for first home buyers.

Where a first home buyer meets the following conditions for any property (whether off-the-plan or second hand), they will not need to pay any stamp duty:

1. Contract date and settlement date is after 1 July 2017

2. At least one of the purchasers lives on the property within 12 months of settlement for a minimum of 12 months and is an Australian resident (Or New Zealand citizen with s30(1) visa).

3. Purchase price is equal to or less than $600,000.00

A first home buyer who meets the first two conditions but purchases a property that is between the value of $600,001.00 and $750,000.00 will receive a stamp duty concession on a sliding scale (the closer to $600,001.00, the greater the concession). Please use the following calculator to calculate the stamp duty for properties between the value of $600,001.00 to $750,000.00:

Where a first home buyer purchases an off-the-plan or new property, they can receive a grant of $10,000.00 if they meet the following conditions:

1. Purchase price of $750,000.00 or less.

2. Contract and settlement date after 1 July 2013.

3. At least one of the purchasers lives on the property within 12 months of settlement for a minimum of 12 months and is an Australian resident (Or New Zealand citizen with s30(1) visa).

For new homes purchased or built in regional Victoria by first home buyers who meet the above requirements, the grant will be $20,000.00

Please contact Robin Huang directly on 03 9670 4033 if you have any questions.