As at 1 July 2025, an eligible first-home buyer in Victoria buys a home to live in for $650,000. What land transfer duty relief applies?
Correct Answer
C) A partial concession on a sliding scale
As at 1 July 2025, Victoria's first-home buyer duty relief gave a full exemption for homes up to $600,000 and a concession on a sliding scale for homes between $600,000 and $750,000, with no relief above $750,000. A $650,000 home therefore attracts a partial concession. Thresholds can change, so check the State Revenue Office website.
Why This Is the Correct Answer
As at 1 July 2025, first-home buyer duty relief in Victoria was a full exemption up to $600,000 and a sliding-scale concession from $600,000 to $750,000, tapering to nothing at $750,000. A $650,000 home falls in the concession range, so duty is reduced but not removed.
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In NSW, above what purchase price does a foreign person start paying surcharge purchaser duty on residential land?
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