Concessions for pensioners and single parents
Many Victorians are familiar with the various concessions and grants available to first home buyers. However, most of us aren’t aware that there are other groups who can access stamp duty discounts.
Concessions for Pensioners
Pensioners are able to receive an exemption or concession on stamp duty payable when they buy property.
- If the property is valued at $330,000 or less, there is no stamp duty payable.
- If the property is valued at $330,001 to $750,000 than a concession is applicable.
To see if you are eligible you can go to the SRO calculator here. If you are a first home buyer as well, there could be further discounts and concessions available.
Help for Single Parents to buy a house
Eligible single parents are able to access the Family Home Guarantee. This allows parents with at least one dependent child to buy a home with less than 20% deposit, even if they’ve owned property before.
The scheme is running until 30 June 2025 across a range of different banks. Like the First Home Loan Deposit Scheme, this guarantee is provided by the government who then guarantee up to 18% of the value of the property.
You would still require a 2% deposit and you will also be required to pay stamp duty and other associated costs.
Need some help?
Navigating your way through all of the available concessions and options can be difficult and overwhelming. Lucky for you, we do this every day and can help you understand what you are eligible for and how to make the most of what is available.