Stamp Duty on a $600k First Home in Victoria (2025-26)

The short answer

If you're an eligible first home buyer in Victoria, stamp duty (land transfer duty) on a $600,000 home is $0 in the 2025-26 financial year. Victoria gives first home buyers a full duty exemption when the dutiable value is $600,000 or less, and a sliding-scale concession from $600,001 up to $750,000. Above $750,000, no first home buyer duty relief applies and you pay the standard rate. (State Revenue Office Victoria)

How the Victorian first home buyer exemption works

"Stamp duty" on property is officially land transfer duty, charged by the state on the dutiable value (usually the price you pay, or the market value if higher). Victoria runs a separate concession just for first home buyers, sitting on top of the general duty rules.

To qualify for the first home buyer exemption or concession, the State Revenue Office generally requires that:

• It's a genuine first home purchase (you and your partner haven't owned a home in Australia before).
• At least one buyer occupies the home as their principal place of residence for 12 continuous months, starting within 12 months of settlement.
• The dutiable value is $750,000 or less to get any relief.

Dutiable value	First home buyer duty
$600,000 or less	$0 — full exemption
$600,001 – $750,000	Reduced, sliding-scale concession
Over $750,000	No first home relief — standard duty

The concession band tapers. At $600,001 the duty is close to zero, then it climbs back to the full standard amount by $750,000. So a few thousand dollars over the $600k line costs only a small amount of duty, whereas crossing $750,000 reinstates the full bill.

Worked example: $600,000 first home in Melbourne

Say you're buying a $600,000 unit as your first home and will live in it.

• Stamp duty: $0 (full first home exemption).
• Deposit and LMI: With a 20% deposit ($120,000) you borrow $480,000 and pay no Lenders Mortgage Insurance. With a smaller deposit, lenders normally charge LMI above 80% LVR; on a $600,000 loan at 90% LVR that premium is roughly $10,740 in True Loan's estimate. Eligible first home buyers can instead use the First Home Guarantee: from 1 October 2025 you can buy with as little as a 5% deposit and pay no LMI, with no income caps or place limits. The Melbourne price cap is $950,000, so a $600,000 home fits comfortably.
• Other upfront costs: registration/transfer fees and conveyancing (typically a few hundred to ~$2,000) still apply.

So an eligible buyer's "funds required at settlement" on a $600,000 first home can be roughly the 5% deposit (~$30,000) plus a small amount of fees, with no stamp duty and no LMI. The repayment on the resulting ~$570,000 loan at 6% over 30 years (monthly P&I) works out to about $3,417/month. (For comparison, a $600,000 loan at 6% over 30 years is about $3,597/month.)

Model this in True Loan

You can check these numbers for your own situation in True Loan. It's free and runs entirely in your browser.

1. Set Property value to $600,000 and choose VIC as the state.
2. Turn on the first home buyer option so the duty estimate applies the exemption (you'll see stamp duty drop to $0 at or below $600,000).
3. Enter your deposit. Try 5% to see the First Home Guarantee scenario, or 20% to avoid LMI. The LMI estimate is zero at 80% LVR or below.
4. Review total funds required at settlement (deposit + duty + fees + any LMI) and the monthly/fortnightly/weekly repayment.

Want to see how a slightly higher price changes things? Open the comparison tool and put a $600,000 home (duty $0) beside a $620,000 or $700,000 home (concession band) to see the duty and repayment side by side. If you plan to park savings against the loan, use the dedicated Offset balance input; to model paying a bit extra each month, use the separate Extra repayment ($/month) input.

Common questions and mistakes

Is the $600,000 figure the price or the loan? It's the dutiable value (usually the purchase price), not the loan amount. A $600,000 home is exempt even if you borrow most of it.

Do investors get this? No. The exemption requires you to live in the home as your principal residence, so it doesn't apply to investment purchases.

$600,000 exemption vs the First Home Owner Grant. These are different. The $10,000 First Home Owner Grant applies only to new homes up to $750,000; the duty exemption applies to new or established homes up to $600,000. You may be eligible for both on a qualifying new build.

Can I use my super for the deposit? The First Home Super Saver scheme lets you withdraw eligible voluntary contributions, up to $15,000 per year and $50,000 in total (per person), to help fund a deposit.

Does the exemption reduce my loan? No. It reduces your upfront cash needed at settlement, not the loan or repayments.

Related guides

• Stamp duty on an $800k first home in NSW
• First home buyer total upfront cost
• First Home Guarantee: 5% deposit and repayments

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These figures are estimates for the 2025-26 financial year and may change. Always confirm current rates and eligibility with the State Revenue Office Victoria, moneysmart.gov.au and Housing Australia. This is general information only, not financial or credit advice.