First Home Buyers In Adelaide – What You Need to Know: First Home Owner’s Grant Vic
In Victoria, there are no additional grants however stamp duty concessions available for first home buyers purchasing their principal place of residence.
- For contracts entered into on or after 1 January 2010, the Grant will only be payable where the price of the property or construction of the home does not exceed $750,000. An exception to this requirement is where the contract relates to a home that is on, or to be built on, primary production land.
- Subject to the passage of legislation, for contracts entered into on or after 1 July 2013, eligibility for the Grant will be limited to buyers of new homes. A payment of up to $7000 is payable to eligible first home owners. However, subject to the passage of legislation, for contracts entered into on or after 1 July 2013 to build or purchase a new home, a payment of up to $10,000 is available for eligible first home owners.
- For settlement dates on or after 1 July 2011, land transfer duty rates are reduced for eligible first home buyers purchasing their principal place of residence (PPR) valued up to $600,000. Land Transfer Duty was reduced by 20 per cent on 1 July 2011, to be followed by additional 10 per cent cuts on 1 January 2013, 1 January 2014 and 1 September 2014, totalling a cumulative 50 per cent reduction for settlement dates on or after 1 September 2014.
Get in touch with one of our brokers now on 1300 555 888 to discuss how you can claim the grant.