How to Maximise Savings with Victoria’s Temporary Duty Concessions

Buying property in Victoria can feel out of reach for many first home buyers. With property prices continuing to rise, every saving counts. Victoria’s temporary duty concessions are designed to make entering the market easier, especially for buyers of off the plan homes and apartments. Knowing how to maximise these concessions can save you thousands and speed up your journey to ownership.

What Are Temporary Duty Concessions?

Duty, often called stamp duty, is one of the largest upfront costs when buying property. Victoria offers temporary duty concessions for eligible buyers. These concessions reduce or remove the amount of duty you need to pay when purchasing certain types of property.

For first home buyers and investors, this is a chance to significantly cut costs at the start of the purchase process.

Who Can Benefit from the Concessions?

The concessions apply to buyers purchasing new residential property, including off the plan apartments and townhouses.

Common Eligibility Points

• Property must be valued under certain thresholds set by the state
• Buyers must be eligible under Victorian rules (such as residency requirements)
• The home must be new or substantially renovated

These concessions are especially useful for younger buyers who are entering the market for the first time.

Why Off the Plan Properties Are Ideal

Off the plan homes in Victoria often qualify for duty concessions. This is because the property is not yet complete at the time of purchase. The dutiable value can sometimes be lower, as it excludes construction costs not yet incurred.

Key Benefits

• Lock in today’s purchase price
• Pay less upfront thanks to concessions
• Benefit from potential capital growth by settlement

This combination makes off the plan properties one of the smartest ways to use the concessions.

Steps to Maximise Your Savings

Step 1: Research Eligibility

Check the current rules on the Victorian State Revenue Office website. Understand the property value thresholds and criteria.

Step 2: Work with Your Lender or Conveyancer

Many concessions are applied during settlement. Your lender or conveyancer can help ensure your application is completed correctly.

Step 3: Time Your Purchase

Concessions are temporary and may end on set dates. Buying within the eligible period ensures you do not miss out.

Step 4: Combine with Other Incentives

You may also be eligible for the First Home Owner Grant or other schemes. Combining incentives can deliver even bigger savings.

Common Mistakes to Avoid

• Assuming all properties qualify: Only new and eligible homes are covered.
• Forgetting to apply early: Missing deadlines can mean losing out on thousands.
• Not checking updates: Concession rules may change, so stay informed.

How Coposit Helps Buyers in Victoria

Saving for a deposit remains the hardest part of buying property. Coposit makes this easier. With Coposit, you can secure an off the plan property with as little as $10,000 upfront and pay the balance of your deposit in instalments during construction.

When combined with Victoria’s temporary duty concessions, buyers can save on both deposit requirements and stamp duty, making home ownership far more achievable.

Why Duty Concessions Are a Game Changer for First Home Buyers

Temporary duty concessions reduce one of the biggest upfront costs in property buying. When paired with off the plan opportunities and Coposit’s deposit solution, they open the door for more first home buyers to step confidently into the Victorian property market.