Victoria: grants and stamp duty savings for buying new
A $10,000 grant and no stamp duty up to $600,000 for first home buyers — plus an off-the-plan stamp duty concession on apartments and townhouses that every buyer can use, investors included.
Off-the-plan duty concession — for every buyer
Victoria's temporary off-the-plan concession is one of the strongest reasons to buy off the plan in the state right now. For strata apartments, units and townhouses bought off the plan, the construction costs still to come after you sign are deducted before stamp duty is calculated. There's no price cap, and it's open to investors, companies and trusts as well as home buyers — you don't need to live in the property.
The State Revenue Office's own example: an apartment bought off the plan for $1 million, with $400,000 of construction to come, pays duty on $600,000 instead of $1 million.
It applies to contracts signed from 21 October 2024 and before 21 April 2027 — settlement can come later. (It covers lots in a strata subdivision with common property, rather than stand-alone house and land packages. A separate off-the-plan concession continues for owner-occupiers and first home buyers.)
$10,000 First Home Owner Grant
First home buyers of a new home valued up to $750,000 receive a $10,000 grant. The home must never have been sold or lived in, which includes off-the-plan purchases and house and land packages, and you need to live in it for 12 months.
First home buyer stamp duty
- No stamp duty up to $600,000.
- A reduced rate between $600,001 and $750,000.
Buying off the plan can help here too: where an off-the-plan concession applies, other concessions may then be assessed on the reduced value, which can bring more homes under these thresholds.
Add the federal schemes
- 5% Deposit Scheme — 5% deposit and no lenders mortgage insurance for homes up to $950,000 in Melbourne and Geelong, and $650,000 elsewhere in Victoria.
- Help to Buy — the government contributes up to 40% of the price of a new home.
More on both: federal first home buyer schemes.
Sources: State Revenue Office — temporary off-the-plan concession; help to buy a property; 5% Deposit Scheme.
Common questions
Can investors use Victoria's off-the-plan stamp duty concession?
Yes. The temporary concession for strata apartments, units and townhouses bought off the plan is open to all purchasers, including investors, companies and trusts, for contracts signed before 21 April 2027.
How much is the first home owner grant in Victoria?
$10,000 for first home buyers of a new home valued up to $750,000.
Do first home buyers pay stamp duty in Victoria?
Not up to $600,000. Between $600,001 and $750,000 a reduced rate applies.
General information, current at the date above. Grants, concessions and tax rules have eligibility conditions this page summarises; it isn't personal tax, legal or financial advice. Confirm your eligibility with the relevant government agency, your lender or your accountant before you rely on it.