As a pensioner in Victoria you may be eligible for a discount on the stamp duty when purchasing your next home.
The scheme is offered to pensioners in receipt of an eligible concession card which includes the Pensioner Concession Card, Commonwealth Seniors Health Card and Low Income Health Card.
The concession applies on an individual basis. A full exemption is applied if an eligible pensioners share in the home value is less than $330,000 and a discount is offered on a sliding scale for those whose share lies between $330,001 and $750,000. The concession cut-off is $750,000 per person.
As a result, a couple may be entitled to the full exemption if the property value is under $660,000 and both are holders of an eligible concession card. Alternatively a single person may only purchase a house worth $330,000 to receive the full exemption.
A couple who are both eligible pensioners may continue to receive a concession on stamp duty for properties valued up to $1,500,000, assuming a 50/50 ownership stake.
Some of the other key criteria for the stamp duty concession include;
- It is a once-only concession.
- You must use the home as your principal residence. The concession does not apply to investment properties or holiday homes.
You are able to determine your exemption / concession using the State Revenue Office website.
If you would like to discuss your eligibility in more detail, please contact our office.