Victoria and Tasmania stamp duty exemptions and concessions for first home buyers

Stamp duty exemptions and concessions for first home buyers in Victoria

If you’re a first home buyer in Victoria, you may qualify for land transfer duty (also known as stamp duty) exemptions or concessions, which can significantly reduce the costs of purchasing your home. Here’s what you need to know:

Property Value:

• Full Exemption: Available for homes valued at $600,000 or less.
• Concession: A sliding scale concession applies to homes valued between $600,001 and $750,000.

Eligibility Criteria:

• First Home buyer status: Both you and your spouse/partner must be first home buyers, meaning neither of you has previously owned residential property in Australia.
• Age requirement: Applicants must be at least 18 years old at the time of the property purchase.
• Residency requirement: At least one buyer must live in the property as their principal place of residence (PPR) for at least 12 months, starting within 12 months of settlement.
• Australian citizenship or Permanent Residency: At least one buyer must be an Australian citizen or permanent resident.

Additional Considerations:

• Vacant land purchases: If you’re buying land to build your home, you may still qualify for exemptions or concessions, as long as the total dutiable value is within the specified thresholds.
• Off-the-plan purchases: For off-the-plan properties, the dutiable value is calculated after deducting construction costs incurred after the contract date, which can improve eligibility for exemptions or concessions.

Stamp duty exemptions and concessions for first home buyers in Tasmania

As a first home buyer in Tasmania, you may be eligible for stamp duty exemptions or concessions, which can help reduce the costs of purchasing your home. Here’s what you need to know:

Property value:

• Full Exemption: Available for homes with a purchase price of $500,000 or less.
• Concession: A sliding scale concession applies to homes with a purchase price between $500,001 and $600,000.

Eligibility criteria:

• First home buyer status: Both you and your spouse/partner must be first home buyers, meaning neither of you has previously owned residential property in Tasmania or elsewhere in Australia.
• Age requirement: Applicants must be at least 18 years old at the time of the property purchase. 
• Residency requirement: At least one buyer must occupy the property as their principal place of residence (PPR) for at least six months within 12 months of settlement.
• Australian citizenship or permanent residency: At least one buyer must be an Australian citizen or permanent resident.

Additional considerations:

• Vacant land purchases: If you’re purchasing vacant land to build your first home, you may still qualify for exemptions or concessions, as long as the land’s purchase price meets the specified thresholds.
• Off-the-plan purchases: For off-the-plan properties, the concession applies in the same way as standard property purchases, based on the final purchase price.

Please note that these benefits are available only once. If you or your partner have previously received a first home buyer duty exemption or concession, you are not eligible again.

For detailed information and to assess your eligibility, visit the State revenue office Victoria’s official page or the State revenue office Tasmania’s official page on first home buyer exemptions and concessions.

How UFinancial can help you secure your first home

Navigating government grants, stamp duty savings, and loan options can be complex – but UFinancial makes the process simple. Our mortgage experts can help you:

✔ Assess your eligibility for first-home buyer grants and concessions

✔ Find the right home loan from 40+ lenders

✔ Handle the application process to ensure a smooth home purchase

Looking to buy your first home in Victoria or Tasmania? Contact UFinancial today for expert guidance on grants, schemes, and home loan options.