When you make the decision to purchase your first home, it’s important to know if you’re entitled to any government assistance, as this can boost your affordability significantly. As a first home buyer, we’re committed to helping you on your journey towards purchasing your first property, so we’ve outlined the key elements of the First Home Buyers Grant.
CURRENT INCENTIVES
In Victoria, the First Home Owner Grant (New Homes) scheme is designed to assist eligible first home owners to purchase a new home.
Under this scheme, a $10,000 grant is available when you buy or build your first new home, as long as your home is valued at $750,000 or less.
To find out if your first home purchase qualifies as an eligible transaction, visit the State Revenue Office Victoria website
STAMP DUTY SAVINGS
Home buyers purchasing their first home in Victoria are entitled to either an exemption from or concession on the stamp duty payable as part of the transaction.
These measures are designed to help first home buyers enter the property market sooner, so if the home you are purchasing has a dutiable value of:
• $600,000 or less, you will be eligible to receive a first home buyer duty exemption,
• $600,001 to $750,000, you will be eligible to receive a first home buyer duty concession (tapered discount)
To find out more, visit the State Revenue Office Victoria website
HOW TO CALCULATE YOUR SAVINGS
To find out how much you can save on stamp duty, refer to the VIC Government’s online calculator.
Once you’ve confirmed the numbers, you can apply for a first home buyer duty exemption, concession or reduction by visiting the State Revenue Office Victoria website
