In Victoria, eligible pensioners are entitled to a one-off stamp duty concession or exemption when they purchase a new or established property valued up to $750,000 to occupy as their principal place of residence.
To be eligible to obtain a stamp duty concession or exemption, pensioners must:
* Hold a relevant concession card by the settlement date (a list of relevant concession cards is available on the Victorian State Revenue Office website);
* Have never received a pensioner concession/exemption in Victoria;
* Buy the property for full market value; and
* Intend to occupy the property as their principal place of residence.
Eligible pensioners are entitled to a full stamp duty exemption where the value of the property does not exceed $330,000 per eligible applicant.
Eligible pensioners purchasing property jointly (e.g. a husband and wife) are entitled to a full stamp duty exemption on property valued up to $660,000. For example, John and Sally Citizen are eligible pensioners and purchase a principal place of residence for $620,000. John and Sally are entitled to a stamp duty exemption on their purchase as their respective interests in the property ($310,000) do not exceed $330,000.
No stamp duty concession or exemption is available for property that exceeds $750,000.
If you would like further information about this or you have other property related questions, please make an appointment to meet with one of our experienced property lawyers.