As well as the First Home Owner Grant, we administer a variety of land transfer duty (previously called stamp duty) exemptions and concessions that are helping thousands of Victorians buy their own home.
First home buyer land transfer duty exemptions and concessions
The number of people benefiting from no or reduced land transfer duty increased yet again this year.
Across Victoria, total land transfer duty savings of $724,177,980 (41,541 transactions) comprised 33,507 first home buyers paying no stamp duty at all ($562,480,698) and 8034 receiving the concession ($161,697,282).
Casey has consistently topped the list each year as the area for the biggest total savings.
Under the scheme, first home buyers don’t pay stamp duty on properties under $600,000, and receive a concession for properties valued up to $750,000. First home buyers who build or buy a new home are also eligible for a $10,000 First Home Owner Grant which doubles to $20,000 for new homes in regional areas.
Top five metropolitan areas for total savings
- Casey — $72,645,002 (3704 transactions)
- Wyndham — $68,279,112 (3815 transactions)
- Hume — $53,139,091 (2860 transactions)
- Whittlesea — $43,368,680 (2243 transactions)
- Melton — $38,353,800 (2600 transactions)
Top five regional areas for total savings
- Geelong — $30,999,955 (1927 transactions)
- Bendigo — $9,305,188 (848 transactions)
- Ballarat — $9,168,488 (801 transactions)
- Mitchell — $6,188,862 (439 transactions)
- Baw Baw — $5,908,276 (492 transactions)
Land transfer duty first home buyer exemptions and concessions
Pensioner exemptions and concessions
This year, 5994 pensioners (6762 in 2018-19) made use of pensioner exemptions and concessions bringing them more than $64.5 million ($88.3 million last year) in combined savings as they bought their own homes.
Principal place of residence concession
The principal place of residence (PPR) concession is also a popular benefit, available to all home buyers purchasing a property valued up to $550,000 who move into the home within 12 months of settlement and live in it for a continuous period of at least 12 months. The total number of concessions was up 1747 from 2018-19, with an increase in value provided of $7.5 million.
Principal place of residence concessions 2019-20