In Victoria, first home owners buying a new home valued at up to $750,000 are entitled to receive a $10,000 grant.
However, you may be eligible for – and receive – more than one exemption, concession or reduction from stamp duty for your property. In Victoria, these include:
- First-home buyer duty reduction – a one-off duty reduction for a place of residence (PPR) valued up to $600,000
- Off-the-plan concession – a duty concession for an off-the-plan property, either as a land and building package, or as a refurbished lot
- Pensioner concession – a one-off duty exemption or concession for a new or established home valued up to $750,000
- Principal place of residence (PPR) concession – a duty concession for when a property you buy, valued up to $550,000, is intended as your primary home
- First-home owner with family exemption/concession – a one-off duty exemption or concession for properties valued at $200,000 or less
- Young farmer’s exemption/concession – a one-off duty exemption/concession for young farmers buying their first farmland property
If you are buying or building a new home, you may be eligible for the FHOG ($10,000) if you signed your contract on or after 1 July 2013.
Your new home can be a house, townhouse, apartment, unit or similar, but it must be valued at $750,000 or less and be the first sale of the property as a residential premises. You’re not eligible for the FHOG if you or your spouse/partner have already:
- Received the FHOG in Australia,
- Owned a home in Australia, either jointly or separately, prior to 1 July 2000,
- Lived in a home in Australia in which either of you owned or part-owned on or after 1 July 2000, for a continuous period of at least six months
- All FHOG applicants must be at least 18 at settlement or completion of construction (although there is discretion with this age requirement),
- You (or at least one applicant) must be an Australian citizen or permanent resident at the time of settlement or completion of the home’s construction, and
- You (or at least one applicant) must intend to live in the home as your PPR for at least 12 months, commencing within 12 months of settlement or completion of construction
New Zealanders holding a special category visa under s32 of the Migration Act 1958 and anyone holding a permanent visa under s30(1), are considered to be a permanent resident of Australia. To be eligible, NZ citizens must be in Australia at the time of settlement.
Established homes are no longer eligible to receive the FHOG. However, if you are buying an established home as your first home and you meet the FHOG eligibility criteria (but for the fact that it is not a new home), you may be entitled to:
- First-home buyer duty concession of up to 50 per cent (for homes valued at $600,000 or less), and/or
- PPR concession (for homes valued at $550,000 or less)
For contracts signed prior to 1 July 2013, a FHOG of up to $7000 is still available for eligible applicants if you bought an established home.