Stamp Duty Simplified! A Local’s Guide to First Home Buying in Ballarat

Written By Kim Redford

Buying your first home should feel exciting and not confusing.  It can also feel overwhelming, especially when it comes to costs like stamp duty. The good news is, if you are buying in Victoria, there are some generous exemptions and concessions that could save you thousands.

Here’s a quick guide to help you understand what’s available:

 

1. Full Stamp Duty Exemption

If you're buying your first home to live in (your principal place of residence) and it's valued at $600,000 or less, you may be eligible for a full exemption from stamp duty. That means you won’t pay a cent in stamp duty. That is a massive saving of $31,070 which is what you would pay in stamp duty if you were not buying your first home.

 

2. Stamp Duty Concession

If your first home is valued between $600,001 and $750,000, you may still receive a discounted rate. The concession is calculated on a sliding scale, the closer your property is to $600,001, the bigger the discount.  For example, stamp duty on a $605,000 purchase is $1,045 and stamp duty on $745,000 purchase is $38,444.

 

3. Off-the-Plan Concession

Buying off-the-plan? this is when you purchase a house or apartment that is not fully constructed. You may qualify for a stamp duty discount based on the value of the land and construction costs. This applies if you plan to live in the property and meet the eligibility criteria.  Stamp duty will be calculated on the dutiable value of the completed construction works on the day you purchase the property.

 

4. First Home Owner Grant (FHOG)

While not directly related to stamp duty, if you're buying or building a new home valued up to $750,000, you could receive a $10,000 grant. This is separate from the stamp duty exemption or concession.  To be eligible for this grant payment, the home must be brand new and never lived in by anyone before or a substantially renovated established home.  This grant is typically applied for via your lender before settlement.  Alternatively, you can apply directly to the State Revenue Office once your new home is constructed.

 

Eligibility Checklist

To qualify for these benefits, you generally need to:

  • Buy your first home in Australia

  • Use the property as your principal place of residence

  • Be an Australian citizen or permanent resident

  • Live in the home for at least 12 months within a year of settlement

 

Final Thoughts

Navigating stamp duty doesn’t have to be stressful. These exemptions and concessions are designed to make home ownership more achievable for first-time buyers. If you're unsure about your eligibility, chat with a conveyancer (like me!) who can guide you through the process and make sure you're getting every benefit you're entitled to.

 

Also, Don’t Forget Land Transfer Fees

In addition to stamp duty, first home buyers in Victoria also need to budget for land transfer fees—these are separate charges collected by Land Use Victoria when the property title is officially transferred into your name.

Here’s what you need to know:

  • Standard Transfer Fee: As of the 2025/26 financial year, the base fee for electronic lodgement of a land transfer is $101.50.  It then increases in tiered increments depending on the property value.  For example, a block of land valued at $300,000 would be $804 and an established Home valued at $600,000 would be $1,506. 

  • Additional Fees: you will also pay a small fee of $125.70 to register your mortgage.   

These fees are not covered by stamp duty exemptions or concessions, so they’re payable regardless of whether you qualify for stamp duty relief.

As a local mobile Conveyancer based in Ballarat, I can help you navigate stamp duty, review a contract and break down the jargon so you understand exactly what you are buying.  I’ll be by your side from the first question right through until settlement helping to make the process as stress-free as possible.

Give me a call to discuss your conveyancing needs on 0403 470 756.

Kim Redford