Changes for First Home Buyers
Changes to First Home Buyers Grant
The tables below set out the different amounts that first home buyers in Victoria may be eligible for from 1st July 2013 (subject to passage of legislation):
| Conditions | Grant (FHOG) |
|---|---|
| Established homes only | N/A |
| Newly constructed homes in Metropolitan Victoria only | $10,000# |
| Newly constructed homes in Regional Victoria only | $10,000# |
NOTE: The information in these tables is to be used as a guide only.
#To qualify for the Grant, the price of the property or construction of the home must not exceed $750,000.
Reduction Of Duty For Eligible First Home Buyers
For dutiable transactions settled on or after 1 July 2013 and before 1 September 2014 (subject to passage of legislation)
| Dutiable Value Range | Duty Payable |
|---|---|
| $0 – $25,000 | (1.4 per cent of the dutiable value of the property) less 30 per cent |
| > $25,000 – $130,000 | ($350 plus 2.4 per cent of the dutiable value in excess of $25,000) less 30 per cent |
| > $130,000 – $440,000 | ($2870 plus 5 per cent of the dutiable value in excess of $130,000) less 30 per cent |
| > $440,000 – $550,000 | ($18,370 plus 6 per cent of the dutiable value in excess of $440,000) less 30 per cent |
| > $550,000 – $600,000 | ($28,070 plus 6 per cent of the dutiable value in excess of $550,000) less 30 per cent |
| More than $600,000 | The duty reduction for eligible first home buyers does not apply. |
Source: State Revenue Office Victoria
