VIC FIRST HOME OWNERS

 

VIC First Home Owners Grant

This grant offers a $10,000 grant to first home buyers who are purchasing a home that has not been previously sold or occupied, is valued at $750,000 or less and is being purchased by someone who has not already received a first home owner grant or owned a home in Australia. Ownership or co-ownership of a home for a period of at least six months since 1 July 2000 also renders an applicant ineligible

VIC First Home Buyer Duty Reduction

First homeowners who purchased a new or established property prior to 1 July 2007 may be entitled to a duty reduction of up to 50% where the home is valued at $600,000 or less.

Other concessions

Victoria also offer duty concessions for:

• first home buyers who are buying an off-the-plan land and building package, or a refurbished lot.
• First home owners with a family who purchased on or after 1 January 2006 with a value of not more than $150,000 (concessions are available for homes valued up to $200,000 for this period).
• First home buyers who are pensioners
• First home buyers who meet the requirements of principal place of residence (PPR)

Young Farmer Grants

The Young Farmer Duty Exemption or Concession offers discounts on transfer duty for those buying their first farm in Victoria. The concessional amount depends on the value of the farmland and can be the full amount or part.

Applicants must be aged under 35, purchasing their first farm which is valued at less than $750,000 and must be intending to run a business of primary production on the purchased property.

Talk to our brokers who can help you maximise the concessions or grant you may be eligible for in Victoria.