First home buyer benefits
First home owner grant (new home) scheme – the first home owner cap for new homes purchases is $600,000 and $750,000 when you enter into a contract to build or as an owner builder. For eligible transaction a $10,000 grant is available.
First home buyers assistance scheme – exemptions on transfer duty on vacant land below $350,000 and new and existing homes below $650,000 and concessions on duties on vacant land below $450,000 and new or existing homes below $800,000.
First home owner grant – $15,000 first home buyer grant towards buying or building your new house, unit or townhouse valued at less than $750,000.
Renovated houses and the first home owner grant – You may be eligible for the first home buyer grant if you purchase a substantially renovated home. The renovated home must not have been lived in since the renovations and the house was a taxable supply and previously was an established house that went through substantial renovations.
First home owner grant – A $10,000 First Home Owner Grant is available when you buy or build your first home which is valued below $750,000. For new houses built in Regional Victoria the grant becomes $20,000.
First home buyer duty exemption, concession or reduction – There is also a first home buyer duty exemption or concession reduction. If the property is worth less than $600,000 then an exemption may apply and a concession may apply under $750,000. For eligible first home buyers, it doesn’t matter if the property is new or established for the duty exemption or concession reduction.