Understanding the Principal Place of Residence Concession in Victoria

Buying a home in Victoria to live in comes with potential savings, especially through the Principal Place of Residence (PPR) concession. This concession can significantly reduce your stamp duty costs when you intend to live in the property rather than use it as an investment. Whether you're a first-time buyer or simply moving into a new home, understanding how this works is essential.

What Is the PPR Concession?

The Principal Place of Residence concession is a stamp duty discount available to homebuyers who plan to live in the property they are purchasing. It is different from investor purchases and is available to buyers of both established and off-the-plan properties.

This concession reduces the stamp duty payable on homes with a dutiable value of up to $550,000. For properties valued between $550,000 and $750,000, a partial concession may still apply.

Who Can Apply for the PPR Concession?

To be eligible for the concession in Victoria, you must:

• Be an individual, not a company or trust
• Buy a residential property (not vacant land)
• Move into the home within 12 months of settlement
• Use the property as your main residence for at least 12 continuous months

You do not need to be a first-home buyer to access the PPR concession, but the home must be your primary place of residence.

How Much Can You Save?

The amount of stamp duty you save depends on the dutiable value of the property. Here’s a quick guide:

• Up to $550,000 – full PPR concession may apply
• Between $550,000 and $750,000 – partial concession available
• Over $750,000 – no concession applies

For instance, buying a home for $600,000 as your main residence could save you thousands in duty compared to buying it as an investment.

Can You Combine It with Other Concessions?

Yes. If you qualify, the PPR concession can be used alongside:

• The First Home Buyer Duty Exemption or Concession
• The Off-the-Plan Concession
• The First Home Owner Grant (FHOG), if applicable

Combining these incentives can greatly reduce the upfront cost of homeownership in Victoria.

How Coposit Helps You Secure a Home Sooner

Coposit is a game-changing platform for buyers looking to secure off-the-plan properties without needing a full deposit upfront. With Coposit, you can secure a property with just $10,000 upfront, then pay the remaining deposit in weekly instalments during the construction phase. There’s no interest, no traditional loan required, and it’s all managed through an easy-to-use app.

For buyers aiming to claim the PPR concession on off-the-plan homes, Coposit provides a pathway to ownership while keeping your savings intact. It’s especially helpful for first-time buyers, young families, and anyone looking to ease the financial load of getting into the market.