Buying a home in Victoria

VIC at a glance

Each line links to the page it comes from. A dagger (†) marks a fact that was taken from an official search result and has not yet been confirmed on the agency's page from this build environment; open the link before relying on it.

Stamp duty

What it's called

Land transfer duty, which the SRO also calls land transfer (stamp) duty; charged on the dutiable value, usually the price paid or the market value if higher Source

Official calculator

SRO land transfer (stamp) duty calculator Source

How the rate works

Sliding scale: $2,870 plus 6% of the excess over $130,000 up to $960,000; 5.5% from $960,001 to $2,000,000; premium rate of $110,000 plus 6.5% over $2,000,000 Source

When the bands change

Not indexed each year: the current schedule applies to contracts entered into on or after 1 July 2021 and changes only when Parliament amends it Source

First home, established

Eligible first home buyers pay no duty to $600,000, a sliding-scale concession from $600,001 to $750,000 and full duty above $750,000 Source

First home, new or off the plan

Same thresholds as an established home; for an off-the-plan purchase the dutiable value after the off-the-plan concession cannot exceed $750,000 Source

First home, vacant land

Vacant land for a first home qualifies on the same thresholds; move in within 12 months of the occupancy certificate or 36 months of settlement, whichever is first Source

Other concessions

PPR concession of up to $3,100 for homes from $130,001 to $550,000; pensioner exemption to $600,000 and concession to $750,000; two off-the-plan concessions Source

Home-buyer (PPR) concession

Open to any buyer: a 1% rate cut from $130,001 to $440,000 and a $3,100 reduction from $440,001 to $550,000; move in within 12 months of settlement and stay a year Source

Off the plan (standing)

Construction costs incurred after the contract date come off the dutiable value; only with the PPR concession (to $550,000) or the first-home relief (to $750,000) Source

Off the plan (temporary)

Strata dwellings only; open to investors, companies and trusts with no home-buyer test; contracts from 21 October 2024 to 20 April 2027 after the 2026 extension Source

Pensioner and concession cardholders

Contracts from 1 July 2023: exemption to $600,000, concession from $600,001 to $750,000; once only, at market value, living in the home; a separate SRO calculator applies Source

Cooling-off and contracts

Cooling-off period

Three business days on a private sale of residential property, with exceptions; it begins when the buyer signs the contract, and to end the contract the buyer gives written notice to the seller or the seller's agent Source

Cost of using it

The buyer gets back everything paid less $100 or 0.2% of the price, whichever is greater Source

When it does not apply

Auction, or a sale within three clear business days either side of one; mainly commercial or industrial use; farmland over 20 ha; a repeat contract for the same property Source

Waiving or shortening it

Not confirmed from this environment: whether the period can be waived or shortened, and the remaining exclusions, are in section 31 of the Sale of Land Act 1962 † Source

What the seller must disclose

A Section 32 vendor statement under the Sale of Land Act 1962: title, mortgages, covenants, easements, zoning and outgoings such as rates; not the buildings' condition Source

Deposit

Generally paid to the seller's agent when the offer is made or by the date in the contract of sale, and held by the seller's agent, conveyancer or legal practitioner in a trust account until settlement; no percentage was read on the pages Source

Settlement

Date fixed in the contract; settlement runs from 10 am to 4 pm unless agreed otherwise; the usual 30, 60 or 90-day periods were not confirmed from this environment † Source

If the Section 32 is wrong

If the vendor statement is false, incorrect or insufficient the buyer may be able to withdraw from the sale or take legal action Source

Grants and schemes

First Home Owner Grant

$10,000 for eligible first home buyers of a new or never-occupied home valued up to $750,000; live in it 12 months, starting within 12 months of settlement or completion Source

State schemes open

The duty exemption and concession, the PPR concession and the grant; the state's shared-equity fund has closed and the federal Help to Buy has replaced it Source

Closed or ended

Victorian Homebuyer Fund (shared equity, up to 25% of the price, 35% for Aboriginal or Torres Strait Islander buyers): closed to new applications on 10 September 2025 Source

5% Deposit Scheme

Unlimited places, no income cap and higher price caps from 1 October 2025, the day the Home Guarantee Scheme was renamed the Australian Government 5% Deposit Scheme Source

Help to Buy

Open in Victoria; applications opened 5 December 2025; a government contribution of up to 40% of the price for a new home or 30% for an existing one Source

5% Deposit Scheme price cap

The current Victorian cap was not confirmed from this environment; the capital-city cap also applies to regional centres over 250,000 people. Open the price-caps page Source

Help to Buy caps

Victorian price caps and income caps not confirmed from this environment (the only figures found predate the launch); open the Housing Australia Help to Buy page † Source

Regional First Home Owner Grant

Listed by the SRO under closed taxes, levies and grants; the amount and closing date were not confirmed from this environment Source

Auctions and price guides

Price guides

Since 1 May 2017 an agent may not quote below the seller's asking price, the reserve if known, or the agent's estimate; a Statement of Information lists comparable sales Source

Underquoting

More than $11,000 a breach, or penalties of almost $38,000 under the Estate Agents Act; up to $50m (corporations) or $2.5m (individuals) under the Australian Consumer Law Source

Reforms in train

Announced: the reserve must be published at least seven days before an auction or fixed-date sale, from 1 October (the year is not in the Premier's text), and an agent who does not comply cannot take the property to auction. The Consumer Legislation Amendment Act 2026 (No. 36/2026) passed in July 2026; whether it carries these provisions, and the name of the statement, were not confirmed † Source

Vendor bids

Only the auctioneer may make a vendor bid, on the seller's behalf; vendor bids are legal only if the displayed auction rules permit them, the arrangements must be set out in those rules and announced before the auction starts, and any other bid made for the seller is illegal Source

Bidder registration

No bidder-registration rule on Consumer Affairs Victoria's auction pages; what must happen is that the auction rules, the information statement and any additional conditions are available for inspection at least 30 minutes before the auction starts Source

Cooling-off at auction

None at auction, and none on a private sale made within three clear business days before or after a public auction Source

Underquoting Taskforce

Permanent arm of Consumer Affairs Victoria; in 2024-25: 1,647 complaints, 600 campaigns reviewed, 48 infringement notices, $564,300 in fines and 4 court proceedings Source

Comparable property guidelines

Consumer Affairs Victoria guidelines agents must follow when selecting the most comparable properties for the Statement of Information (release date not in the research) Source

The buying process

Licence check

Consumer Affairs Victoria public register of estate agents (licences issued by the Business Licensing Authority): licensee names, licence numbers and business locations Source

Who can do the conveyancing

A lawyer, or a conveyancer licensed by the Business Licensing Authority under the Conveyancers Act 2006, who may prepare transfers, mortgages and related documents Source

Electronic settlement

Digital-only lodgement with Land Use Victoria since 1 August 2019 (PEXA-available instruments from 1 October 2018); three electronic lodgement networks operate Source

Complaints

Consumer Affairs Victoria's estate agent complaint form; underquoting reports go to the Underquoting Taskforce through its dedicated webform Source

Conveyancer register

Consumer Affairs Victoria public register of licensed conveyancers Source