A first-home buyer in Victoria signs a contract for a newly built home priced within the limits that apply at the time. Which assistance are they most likely eligible for?
Correct Answer
A) The First Home Owner Grant for new homes, plus a land transfer duty exemption or concession.
Eligible first-home buyers of a new home in Victoria can receive the First Home Owner Grant and, depending on the price, a first-home buyer land transfer duty exemption or concession. Both are administered by the State Revenue Office and have value caps that can change, so agents should check the current amounts at sro.vic.gov.au. As at 1 July 2025, the grant was $10,000 for new homes up to $750,000, with a full duty exemption up to $600,000 and a concession up to $750,000.
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