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First Home Owner Grant/Concession (from 1 September 2014)

First Home Owner Grant - contract date 1 July 2013 onwards

Conditions First Home Owner Grant (FHOG) First Home Bonus First Home Owner Regional Bonus Total
Established homes only N/A N/A N/A N/A
Newly constructed homes in Metropolitan Victoria only $10,000* N/A N/A $10,000
Newly constructed homes in Regional Victoria only $10,000* N/A N/A $10,000

* To qualify for the Grant, the price of the property or construction of the home must not exceed $750,000.00

First Home Owner Concession- for dutiable transactions on established dwellings settled on or after 1 September 2014

Dutiable value of the 
Principle Place of Residence (PPR)
Reduced rate of duty Standard rate of duty
>$0 - $25,000 (1.4% of the dutiable value of the property) less 50% 1.4% of the dutiable value of the property
>$25,000 - $130,000 ($350 plus 2.4% of the dutiable value in excess of $25,000) less 50% $350 plus 2.4% of the dutiable value in excess of $25,000
>$130,000 - $440,000 ($2,870 plus 5% of the dutiable value in excess of $130,000) less 50% $2,870 plus 5% of the dutiable value in excess of $130,000
>$440,000 - $550,000 ($18,370 plus 6% of the dutiable value in excess of $440,000) less 50% $18,370 plus 6% of the dutiable value in excess of $440,000
>$550,000 - $600,000 ($28,070 plus 6% of the dutiable value in excess of $550,000) less 50% $28,070 plus 6% of the dutiable value in excess of $550,000

50% reduction duty savings on established dwellings to first home buyers

Value of Property Normal Rate of Stamp Duty (PPR) 50% Reduction - Duty Payable  50% Reduction - Saving
$200,000 $6,370 $3,185 $3,185
$300,000 $11,370 $5,685 $5,685
$400,000 $16,370 $8,185 $8,185
$500,000 $21,970 $10,985 $10,985
$565,000 $28,970 $14,485 $14,485
 
Published September 2014

For further advice or assistance

Contact Jamie McCallum on 5337 0253 or jmccallum@nevetts.com.au

The information in this publication or on this website is of a general nature only. It is not, nor is it intended to be, legal advice. You should consult a lawyer for individual advice about your particular circumstances.
The information on this website is of a general nature only. It is not, nor is it intended to be, legal advice. You should consult a lawyer for individual advice about your particular circumstances. Nevett Ford do not warrant that information contained in links to third party sites are correct and accept no responsibility for the accuracy and reliability or any other matter in relation to a third party site.