Government Assistance & grants for homebuyers
May 2024 in Money Matters
When you’re buying a house, it’s worth looking at any concessions and grants.
First Home Super Saver Scheme
Allows you to save money for your first home inside your super fund, helping you save faster with the concessional tax treatment of superannuation. For more information visit:
Victoria First Home Owner Grant
You may be eligible for a payment of $10,000 for a new home valued up to $750,000, in addition to other exemptions or concessions. For more information, visit: https://www.sro.vic.gov.au/first-home-owner.
The Victorian Homebuyer Fund. Allows eligible first home buyers to purchase a home and qualify for a home loan with a deposit of 5% or more, with the Government contributing up to 25% of the purchase price in exchange for a share in the property, reducing the size of your mortgage and removing the need for Lenders Mortgage Insurance.
For more information, visit: https://www.sro.vic.gov.au/homebuyer
Principal Place of Residence Duty Concession
This may be available when you buy a new or established property valued up to $550,000, which you intend to move into within 12 months of settlement and live in as your primary home for at least a year. For more information, visit: https://www.sro.vic.gov.au/pprconcessions
Stamp Duty Exemptions and Concessions
If the dutiable value of your property is $600,000 or less, you’re exempt from paying Stamp Duty. Or, if your home value is between $600,001 – $750,00, there’s a sliding scale of concessions that will reduce the amount you’ll have to pay. For more information visit: https://www.sro.vic.gov.au/land-transfer-duty
Land Tax
Victorian homes are exempt from land tax unless they’re used as an investment property or a holiday home. For more information visit: https://www.sro.vic.gov.au/land-tax
The information provided on this website is general in nature only and has been prepared without taking into account your particular financial needs, circumstances and objectives and should NOT be construed as financial, taxation or legal advice.