Pensioner duty exemption or concession

Eligible pensioners in Victoria are entitled to a once only exemption from stamp duty when they buy a house valued up to $330,000 or less or a stamp duty concession when they buy a house valued from $330,001 to $750,000

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To be eligible for the pensioner duty exemption or concession you will have to meet the following criteria:

Hold a relevant concession card at the settlement date;

Have never received the pensioner concession or exemption in the Victoria in the past;

Intend to live in the in the property as your principal place of residence (PPR Concession)

Buy the property for market value (it can be an already established house, a house purchased off the plan or a house that is built within three (3) years of purchasing vacant land)***

*** if you purchase vacant land and enter into a contract with a builder within 3 years you maybe liable to pay full stamp duty and then apply for a refund within 5 years of the date the stamp duty was paid.

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Pensioner duty exemption or concession scenarios

If eligible pensioners are purchasing property jointly (i.e. as husband and wife) as their principle place of residence (PPR) for $640,000 they are both entitled to a stamp duty exemption as their fractional interest of $320,000 each in the property does not exceed the ceiling of $330,000.

Partial concessions

If eligible pensioners are purchasing property jointly (i.e. as husband and wife) as their principle place of residence (PPR) for $800,000 they are both entitled to a stamp duty concession as opposed to a full stamp duty exemption as their fractional interest of $400,000 each in the property exceeds the ceiling of $330,000.

Feel free to contact our office if you need assistance with your property conveyancing or stamp duty concession or exemption application.