First Home Plus
Note: From 1 January 2012, the First Home Plus Scheme will be replaced by the First Home—New Home Scheme.
What is the First Home Plus Scheme?
The First Home Plus scheme provides exemptions or concessions on transfer duty for people who are buying their first home in NSW. This includes buying vacant land on which you intend to build your first home.
The First Home Plus Scheme provides eligible purchasers with exemptions on transfer duty on homes valued up to $500,000 and concessions on duty for homes valued between $500,000 and $600,000.
Eligible purchasers buying a vacant block of residential land to build their home on will pay no duty on vacant land valued up to $300,000, and will receive concessions on duty for vacant land valued between $300,000 and $450,000.
With mortgages, an advance made to natural persons for the purpose of buying or building their home, or buying vacant residential land, is not liable to duty. This applies irrespective of the amount of the advance.
To qualify for First Home Plus you must meet the criteria listed below:
at least one first home buyer must be an Australian citizen permanent resident
the contract and the transfer must be for the purchase of the whole of the property
all purchasers must be ‘eligible purchasers’
at least one eligible purchaser must occupy the home as their principal place of residence for a continuous period of six months, commencing within 12 months of completion of the agreement. Where an eligible purchaser was a member of the permanent forces of the Australian Defence Force and all eligible purchasers were enrolled on the NSW electoral roll as at the date of the agreement or transfer, on or after 21 October 2009, then all purchasers are exempt from the residency requirement.
the first home buyer/s must be purchasing at least 95% of the property.
An 'eligible purchaser' is a natural person (i.e. not a company or trust) at least 18 years of age who has not, and whose spouse/de facto has not:
at any time owned (either solely or with some one else) residential property in Australia other than property owned solely as trustee or executor
at any time been the holder (either solely or with some one else)of a leasehold interest granted by the Commonwealth in residential property in the Australian Capital Territory
previously received an exemption or concession under First Home Plus.
Note: If all purchasers are not 'eligible purchasers' you may still qualify for a partial concession if the first home owners are buying at least 50% of the property.
OSRAssist
OSRAssist takes you through a series of questions and gives you an indication of whether or not you are entitled to an exemption or concession on purchaser and mortgage duty.
