First Home Plus
Important Message
Proof of Identity requirements have been introduced for First Home Plus applicants.
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.
From 1 September 2007 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:
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
an ‘eligible purchaser’ is a natural person (ie 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
previously received an exemption or concession under First Home Plus.
Note: If all purchasers are not 'eligible purchasers' you may still qualify for a concession under First Home Plus One.
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.
