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Recent Victorian stamp duty changes give first-home buyers a full exemption for homes up to $600,000 and a sliding concession for homes up to $750,000. Off-the-plan concessions now apply to all buyers until 21 October 2026. Eligible buyers can also claim a $10,000 First Home Owner Grant on new homes under $750,000.
Key Updates to Stamp Duty for First Home Buyers
1. Full Stamp Duty Exemption for Properties Up to $600,000
First home buyers purchasing a property valued at $600,000 or less are now eligible for a full exemption from stamp duty. This change can result in substantial savings, making home ownership more accessible.
2. Concessions for Properties Valued Between $600,001 and $750,000
If you’re buying your first home valued between $600,001 and $750,000, you may qualify for a tapered stamp duty concession. The amount of duty payable increases progressively with the property’s value within this range.
3. Expanded Off-the-Plan Concessions
A temporary off-the-plan stamp duty concession has been extended until 21 October 2026. This concession allows buyers of eligible off-the-plan apartments, units, and townhouses within strata subdivisions to deduct construction costs incurred after the contract date from the property’s dutiable value, potentially reducing the stamp duty payable. Notably, this concession is available to all purchasers, including investors, and applies regardless of the property’s value.
Additional Support: First Home Owner Grant (FHOG)
In addition to stamp duty exemptions and concessions, eligible first home buyers may apply for the First Home Owner Grant of $10,000 when purchasing or building a new home valued up to $750,000. The property must not have been previously sold or occupied.
How Red Door Conveyancing Can Assist You
Understanding and applying these concessions can be complex. At Red Door Conveyancing, we offer expert guidance to help you:
- Determine your eligibility for various exemptions and concessions.
- Calculate potential savings on stamp duty.
- Ensure all legal requirements are met for a smooth property transaction.
The 2025 updates to Victoria’s stamp duty laws present valuable opportunities for first home buyers to enter the property market with reduced financial barriers. By leveraging these changes and seeking professional advice, you can make informed decisions and potentially save thousands of dollars.
If you are a first home buyer, conveyancing process can be tough but we are here to help you to have a stress free process. Contact Red Door Conveyancing on 03 8456 6797 or you may send us a contact form in this link.
