How the Victorian concession works
Up to $600,000, first home buyers pay no duty. Between $600,000 and $750,000, the general duty is multiplied by how far the price is into that band, then rounded down to the dollar: at $650,000 you pay a third, at $700,000 two thirds. From $750,000 there's no concession. It applies the same way to new homes, established homes and vacant land.
| Price | Full duty | First home, established | First home, new |
|---|---|---|---|
| $550,000 | $24,970 | Nil | Nil |
| $600,000 | $31,070 | Nil | Nil |
| $650,000 | $34,070 | $11,356 | $11,356 |
| $700,000 | $37,070 | $24,713 | $24,713 |
| $749,000 | $40,010 | $39,743 | $39,743 |
| $800,000 | $43,070 | $43,070 | $43,070 |
Full duty is what a buyer who'll live in the home pays without the first home concession. Contracts from 1 July 2026.
Buyers who aren't first home buyers but will live in the home get a smaller break up to $550,000; see the Victorian stamp duty calculator.
Who qualifies
You need to be buying your first home in Australia, as an individual, and live in it as your principal place of residence. The SRO sets out the full conditions, including when you must move in and for how long.
Grants and the 5% Deposit Scheme
Grant
$10,000
First Home Owner Grant, for brand-new homes up to $750,000.
5% Deposit Scheme price cap
$950,000
Capital city and regional centres; $650,000 elsewhere. Buy with a 5% deposit and no lenders mortgage insurance.
The 2026 election
The Coalition's budget reply on 12 May 2026 said young Victorians buying their first home could save up to $55,000 in stamp duty, the duty on a $1 million home. That's a promise for the 28 November election, not law, so the $600,000 and $750,000 limits still apply.