First home owner concession or exemption

The first home buyer duty concession or exemption helps to reduce the amount of stamp duty you have to pay on your property purchase. The program is available to first home buyers who purchase a property on or after 1 July 2017.

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We can assist in applying for the First Home Owner Concession (FHOC)

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To be eligible you will need to meet the key requirements:

Contract of sale is entered into on or after 1 July 2017.

Dutiable value of home is $600,000 or less for exemption or $600,001 to $750,000 for concession

All purchasers meet First Home Owner Grant eligibility criteria and at least one satisfies residency requirement.

Exemption or concession is only available once.

Doesn't matter if you buy a new or established home, or vacant land.

Dutiable value is usually the contract price.

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What are the key requirements?

*** If your circumstances change and you're unable to fulfill the residency requirement, you will lose eligibility for the concession. You must inform the State Revenue Office (SRO) within 30 days of this change.

Below is more detailed explanation of the key requirements for the first home buyer duty exemption or concession:

Contract date: The contract of sale must have been entered into on or after 1 July 2017. If you signed a contract before this date, but the property settled after 1 July 2017, you may be eligible for the first home buyer duty reduction instead.
Dutiable value: The dutiable value of the home must be $600,000 or less for an exemption, or $600,000 to $750,000 for a concession. The dutiable value is the estimated market value of the home.
Eligibility criteria: All purchasers and their partners must meet the eligibility criteria for the First Home Owner Grant, except that the home does not have to be new. These criteria include being an Australian citizen or permanent resident and not having owned a property in the past and not having received the First Home Owner Grant or other similar assistance in the past.
Principal place of residence: You must live in the home as your principal place of residence for at least 12 months after you move in. This means that you must live in the home for most of the time and use it as your main home. The residence requirement may be waived in limited circumstances, such as if you are a member of the Australian Defence Force and are posted overseas.

Vacant land contracts and the first home buyer duty exemption or concession

If you have bought vacant land to build your first home, you may be eligible for the first home buyer duty exemption or concession. However, there are new residence requirements that apply to vacant land transfers that complete on or after 16 December 2020.

You must move into your home by whichever of these dates occurs first:

It does not matter when the contract for your purchase was entered into, as long as the transfer completes on or after 16 December 2020. In limited circumstances, the State Revenue Office of Victoria may vary this requirement.

For the purposes of assessing your eligibility for the exemption or concession, the State Revenue Office of Victoria will only consider the value of the vacant land. The value of your building contract will not be taken into account.

Feel free to contact our office if you need assistance with your property conveyancing or stamp duty concession or exemption application.