As well as the First Home Owner Grant, we administer a variety of land transfer duty (previously called stamp duty) exemptions, concessions and reductions that are helping people buy their own home.
Thousands of Victorians make use of these benefits to buy homes each year.
Duty exemption and concession
In 2018-19, the number of people benefiting from no or reduced land transfer duty increased yet again, as did their savings.
As the table below shows, in the last five years, we have provided more than $1.7 billion in land transfer duty concession savings to 145,501 first home buyers across the state. This included more than $1.4 billion in savings to 110,336 Melburnians and $293.5 million in savings to 35,165 regional Victorians.
Land transfer duty first home buyer reductions, exemptions and concessions
| Year | Number | Value ($million) |
|---|---|---|
| Metropolitan Melbourne | ||
| 2014-15 | 18,539 | 143.9 |
| 2015-16 | 19,371 | 160.3 |
| 2016-17 | 18,758 | 159.8 |
| 2017-18 | 26,179 | 455.2 |
| 2018-19 | 27,489 | 497.5 |
| Metro total | 110,336 | 1,416.7 |
| Regional Victoria | ||
| 2014-15 | 5,297 | 26.4 |
| 2015-16 | 5,913 | 32.5 |
| 2016-17 | 5,187 | 30.0 |
| 2017-18 | 9,094 | 96.5 |
| 2018-19 | 9,674 | 108.1 |
| Regional total | 35,165 | 293.5 |
| Victoria total | 145,501 | 1,710.2 |
Since 1 July 2017, eligible first home buyers have been able to receive a duty exemption or concession (prior to that there was a reduction). First home buyers who buy a home with a dutiable value of not more than $600,000 are exempt from land transfer duty, while duty is phased in via a concession for those buying a home with a dutiable value between $600,001 and $750,000.
Pensioner exemptions and concessions
This year, 6762 pensioners made use of pensioner exemptions and concessions bringing them more than $88.3 million in combined savings as they bought their own homes.
Principal place of residence concession
The principal place of residence (PPR) concession also proved a popular benefit, available to all home buyers buying a property valued up to $550,000 who move into the home within 12 months of settlement and live in it for a continuous period of at least 12 months.
PPR concessions 2018-19
| Number | Value ($m) | |
|---|---|---|
| Metropolitan Melbourne | 29,537 | 66.2 |
| Regional Victoria | 22,404 | 39.9 |
| TOTAL | 51,941 | 106.1 |
