Who is Exempt from Paying Stamp Duty in Victoria?

Who is Exempt from Paying Stamp Duty in Victoria?

Are you looking to buy a home in Victoria and wondering who is exempt from
paying stamp duty? You’re not alone. Stamp duty is a significant cost for many
home buyers, and understanding who is exempt from paying it can help you to save
money.

Stamp duty is a tax that is imposed by the Victorian Government on certain
transactions, including the purchase of property. It is calculated based on the
purchase price of the property, and the amount payable can vary depending on the
type of property and the buyer’s circumstances.

In Victoria, there are a number of exemptions from paying stamp duty. These
exemptions are designed to help people who are struggling financially, or who
are buying a property for a specific purpose. Here, we’ll take a look at who is
exempt from paying stamp duty in Victoria.

First Home Buyers

First home buyers in Victoria are exempt from paying stamp duty on the purchase
of a home up to the value of $600,000. This exemption applies to both existing
and new homes, and is available to both single and joint purchasers.

The exemption is available to first home buyers who are Australian citizens or
permanent residents, and who have not previously owned property in Australia. It
is also available to first home buyers who are purchasing a property to live in,
rather than for investment purposes.

People with Disabilities

People with disabilities who are purchasing a home to live in are exempt from
paying stamp duty in Victoria. This exemption applies to both existing and new
homes, and is available to both single and joint purchasers.

The exemption is available to people with disabilities who are Australian
citizens or permanent residents, and who have not previously owned property in
Australia. It is also available to people with disabilities who are purchasing a
property to live in, rather than for investment purposes.

People Moving to Victoria

People who are moving to Victoria from another state or territory are exempt
from paying stamp duty on the purchase of a home up to the value of $600,000.
This exemption applies to both existing and new homes, and is available to both
single and joint purchasers.

The exemption is available to people who are moving to Victoria from another
state or territory, and who have not previously owned property in Australia. It
is also available to people who are purchasing a property to live in, rather
than for investment purposes.

People Buying a Home to Live in

People who are buying a home to live in are exempt from paying stamp duty in
Victoria. This exemption applies to both existing and new homes, and is
available to both single and joint purchasers.

The exemption is available to people who are Australian citizens or permanent
residents, and who have not previously owned property in Australia. It is also
available to people who are purchasing a property to live in, rather than for
investment purposes.

People Buying a Home for Investment Purposes

People who are buying a home for investment purposes are not exempt from paying
stamp duty in Victoria. This means that they will be required to pay stamp duty
on the purchase of a home, regardless of the purchase price.

At Ello Lending, we understand that buying a home can be a daunting process.
That’s why we’re here to help. Our team of experienced mortgage brokers can
provide you with the advice and guidance you need to make the right decisions
when it comes to buying a home. We can also help you to find the right home loan
for your needs, and can provide you with assistance throughout the entire
process.

If you have any questions about who is exempt from paying stamp duty in
Victoria, or if you’d like to find out more about how we can help you to get a
home loan, please don’t hesitate to get in touch. We’d love to hear from you.