What help is available for first home buyers in Victoria?.

The main Victorian benefits are the first home buyer duty exemption or concession and the First Home Owner Grant. For eligible purchasers, the duty exemption generally applies where the dutiable value is up to $600,000. A reduced duty amount may apply where the value is more than $600,000 but not more than $750,000. Dutiable value is generally the higher of the price paid and the property's market value, subject to special rules such as the off-the-plan concession.

The First Home Owner Grant is a $10,000 payment for eligible first home buyers purchasing or building a new home that has not previously been sold or occupied as a residence. The home must meet the value limit and be used as the applicant's principal place of residence. The grant is not generally available for an established home.

Other assistance may be available through federal shared-equity or guarantee schemes, lenders or particular concessions. Their eligibility rules, funding and availability can change, so they should be checked separately rather than treated as an automatic entitlement.

For duty and grant purposes, prior ownership by the applicant or their spouse or partner can be relevant. Residency requirements usually require an eligible purchaser to move in within the required period and occupy the home for a continuous period. Failure to meet those conditions can require repayment or reassessment.

CMK Legal's property and conveyancing team can act on matters like this.

Law referenced: *Duties Act 2000* (Vic); *First Home Owner Grant and Home Buyer Schemes Act 2000* (Vic). Current official guidance: https://www.sro.vic.gov.au/buying-property/land-transfer-stamp-duty/concessions-exemptions-and-waivers/first-home-buyers/first-home-buyer-duty-exemption-or-concession and https://sro.vic.gov.au/buying-property/first-home-owner-grant/understanding-first-home-owner-grant