What Grants & Stamp Duty Discounts can I get in Victoria?

Want to calculate how much stamp duty you will have to pay and how much in government grants you can receive?

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Victoria is pretty generous with its grants and stamp duty discounts at the moment.

Currently there are 4 available:

1. First Home Owner’s Grant

2. First Home Bonus

3. Regional Bonus

4. Principal Place of Residence (PPR)

Stamp Duty Discount Update (21/06/2020): New Stamp Duty Discount for Victoria (VIC) announced as part of the 2011-2012 Victorian Budget.

First Home Owner’s Grant

You can get the ‘First Home Owner’s Grant’ of $7,000 only if:

  • You plan on living in the property for at least 6 months
  • The purchase price is less than $750,000

This grant is part of a federal government initiative and is offered Australia-wide.

First Home Bonus

“First home buyers who qualify for the First Home Owner Grant (the grant) may also be eligible for an additional payment known as the First Home Bonus (the bonus). To be eligible to receive the bonus, the value of the property must not exceed $500,000 (for contracts entered into up to 30 June 2020). For contracts entered into between 1 July 2020 and 30 June 2011, the value of the property must not exceed $600,000.” [1]

You must also have entered into a contract to buy or build the property between 1 May 2020 and 30 June 2011. The bonus is also available to owner-builders who commence building within the same period.

So the property needs to be a new construction, you have to live in it for at least 6 months and the value must not exceed $600,000.

Regional Home Bonus

“Where the purchase or construction of a new home is in a regional municipality in Victoria, an additional bonus of $6,500 is also available in addition to the $13,000 bonus. These payments are subject to certain requirements”[1]

Principal Place of Residence (PPR) Stamp Duty Discount

If you plan on living in the property for at least 6 months you can class that property as your principal place of residence and pay stamp duty at a cheaper rate than if it were an investment property.

Can I get government grants with an investment property?

For an investment property regardless of whether it is your first home or not you cannot get a grant or stamp duty discount.

Stamp Duty Rates & Thresholds VIC 2011

Non-Principal Place of Residence

$0 – $25,000

1.4% of the dutiable value of the property

$25,000 – $130,000

$350 + 2.4% of the dutiable value in excess of $25,000

$130,000 – $960,000

$2,870 + 6% of the dutiable value in excess of $130,000

Greater Than $960,000

5.5% of the dutiable value

Principal Place of Residence

Less Than 25000

1.4% of dutiable value

25,001-130000

350 + 2.4% of dutiable value

130,000-440,000

2870 + 5% of dutiable value

440,001 – 550,000

18370 + 6% of dutiable value

550,001 – 960,000

28070+ 6% of dutiable value

Greater Than 960,000

5.5% of dutiable value

Stamp Duty & Grants Calculator

Want to calculate how much stamp duty you will have to pay and how much in government grants you can receive?

Use the Free Online Stamp Duty & Government Grants Calculator – only on My Money Calculator.

References

[1] Source: State Revenue Office Victoria