Buying or building a new home – $10,000 to $20,000
In Victoria, if you enter into a contract to buy or build a new home under $750,000, in metro Melbourne you will be entitled to the $10,000 First Home Owners Grant (FHOG) and $20,000 for a regional Victorian home.
Principle place of residence (PPR) stamp duty concession
Provides a stamp duty concession for homes in Victoria valued at more than $130,000 and up to $550,000 in the following manner:
- When purchase price is between $130,000 & $440,000: (Purchase price – $130,000) * 1% = stamp duty savings
- When purchase price is between $440,000 and $550,000: Stamp duty savings capped at $3,100
- Use the property at your PPR within 12 months of becoming entitled to possession of the property (which usually occurs at settlement), and
- Reside in the property for a continuous period of at least 12 months
Plus (for Victorian first home buyers only)
Victorian stamp duty is $0 when buying/building for < $600,000, and on a sliding scale for purchase prices between $600,001 to $750,000.
If you want to calculate your stamp duty,go to our stamp duty calculator for a quick calculation.