VICTORIA:

Off the Plan Stamp Duty (OTP)concessions

OTP concessions are available to buyers who are purchasing an OTP property to live in as their principal place of residence (PPR).  The concession is not available in respect of commercial properties or to residential buyers who are investors.

Certain thresholds must also be met for home buyers to access the OTP concession –

  • For buyers who are eligible for the first home buyer (FHB) duty exemption or concession, the dutiable value of the property (OTP value) must not exceed $750,000;
  • For buyers who are not eligible for the FHB duty exemption or concession, but who intend to occupy the property as their PPR, the dutiable value of the property must not exceed $550,000.

At least one purchaser must also use the property as their PPR for a continuous period of 12 months, commencing within 12 months of taking possession of the property.

In order to be eligible for the FHB duty exemption or concession, buyers must be eligible for the first home owner grant.

This means that foreign purchasers are not able to access the FHB duty exemption or concession, and will therefore only be able to access the OTP concession  where they intend to occupy the property as their PPR and the dutiable value of the property does not exceed $550,000.

Australian resident buyers who are eligible for the first home owner grant will no longer have to pay any stamp duty where the dutiable value of the property does not exceed $600,000.  For properties with a dutiable value between $600,001 and $750,000 a sliding scale of reduced duty will apply.


All investors who do not intend to live in the property  will not be able to access the OTP concession and will therefore pay stamp duty on the full value of the properties they buy.