Principal Place of Residence Concession
The Principal Place of Residence (PPR) Concession is a discount on stamp duty a purchaser may be eligible for when they purchase real estate with the intention of moving in within twelve (12) months of settlement as their primary place of residence. Calculate your concession using the stamp duty calculator here.
First Home Owners Concession
Eligible first home buyers who purchase their first home valued at less than $600,000 are entitled to a stamp duty reduction or concession. There is a 20 percent reduction for property settlements which take place between 1 July 2011 and 31 December 2012; 30 percent reduction for settlements between 1 January 2013 and 30 June 2013; 40 percent reduction for settlements between 1 July 2013 and 31 August 2014; and 50 percent reduction for settlements on or after 1 September 2014. Calculate your concession using the stamp duty calculator here.
First Home Owners Grant
The First Home Buyers Grant (First Home Owners or FHOG) is a Victorian government incentive to assist first time home buyers in purchasing their first home. It is a grant of money (as at 1 May 2012 the grant sum is $7,000) and is only awarded if the purchase price is below $750,000. There are statewide-national incentives like the First Home Owners Boost and Bonus; however these are being phased out at the moment. UPDATE: Please note that the First Home Owners Grant is being abolished for purchases of existing homes and will cease on 1 July 2013. Purchasers who wish purchase an existing dwelling can still receive the grant provided that they enter into a contract to purchase prior to and not including 1 July 2013. Purchasers of newly built homes (including apartments) are still eligible to receive the grant which will be increased to $10,000 from 1 July 2013. For up to date information visit our blog.
The State Revenue Office (SRO. They are the government agency which collects the stamp duty for Victoria) has a great Stamp Duty calculator, Principal Place of Residence (PPR) Concession calculator and other information for first home owners. Please refer to the SRO website.