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PPG_BLog_October_image 1_grants, bonuses and concessions

Over the last couple of years there have been some adjustments to several of the government grants and bonuses available to property buyers. Following is an up-to-date list of current assistance options as outlined by the Real Estate Institute of Victoria and the State Revenue Office.

  1. First home owner grant – A $7,000 grant for first home buyers. It is non means tested but only available to those buying a home valued under $750,000. (The First home buyers’ bonus of $13,000 for new homes valued under $600,000 is no longer available since 30 June 2012.)   
  2. First home buyer duty concession – A 20% discount on stamp duty for those buying their first home valued at $600,000 or less. This will increase to 30% from 1 January 2013.
  3. Seniors’ duty concession – a full exemption from stamp duty for cardholders purchasing property up to $330,000 in value. A sliding scale of partial exemptions is available for properties with a value of more than $330,000, but not more than $750,000. Seniors must hold at least one of the following concession cards:

         · Pensioner Concession Card

         · Health Care Card

         · Commonwealth Seniors Health Card

         · DVA Gold Card

  1. Family farm – A full or partial stamp duty discount. The exemption applies to land that is not in an urban zone of the greater Melbourne and is used for primary production. More details can be found on the State Revenue Office website.
  2. Young farmers – From 1 July 2011, ‘young farmers’ (farmers under 35 years of age) buying their first farmland property are able to obtain a full stamp duty exemption on purchases worth up to $300,000. For the purchase of a single parcel of farmland valued between $300,000 and $400,000, a duty concession is also available.
  3. Off the plan sales – Stamp duty is calculated based on the land value and the value of construction that has occurred on the land. Buying off the plan before the construction of a development that has started can lower stamp duty costs significantly.
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