Do You Qualify For The First Home Buyers Exemption, Concession or Reduction?
The major difference between the First Home Buyers Grant (FHOG) and the First Home Buyers Exemption, Concession or Reduction is how you receive assistance from the government.
The First Home Owners Grant gives you money ($10,000 in metropolitan areas and $20,000 in regional Victoria) to build or buy your first home.
The First Home Buyers Exemption, Concession or Reduction is often incorrectly referred to as a ‘grant’ when really it is an exemption or concession from paying all of the stamp duty you would usually pay on the property.
The amount of duty you pay is either an exemption from paying any stamp duty or a concession (to pay less) based on the price of the property.
NOTE: It is important to remember that you can be eligible for both the FHOG and the First Home Buyers Exemption. You don’t have to choose between one or the other.
How do I know if I’m eligible for the First Home Buyer Exemption, Concession or Reduction?
Let’s take a look at the criteria. If you would like to know more, click here for a link to the State Revenue Office website.
- You must have entered into a contract of sale to buy your first home on or after 1 July 2017.
- Your home has a dutiable value of $600,000 or less to receive the First Home Buyer Duty Exemption or $600,001 to $750,000 to receive the First Home Buyer Duty Concession.
- All the purchasers of the property must meet the First Home Owner Grant eligibility criteria
- At least one purchaser must satisfy the residency requirement