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First Home - New Home scheme
The First Home - New Home scheme commenced from 1 January 2012 and provides eligible purchasers with exemptions from transfer duty on new homes valued up to $550,000 and concessions for new homes valued between $550,000 and $650,000.
Eligible purchaser buying a vacant block of residential land to build their home will pay no duty on vacant land valued up to $350,000, and will receive concessions for vacant land valued between $350,000 and $450, 000.
These rates apply from 1 July 2012.
What if my agreement is dated between 1 January and 1 July 2012?
Agreements for sale or transfers entered into between 1 January 2012 and 1 July 2012 the following applies:
eligible purchasers will be exempt from duty on new homes valued up to $500,000 and will receive concessions for new homes valued between $500,000 and $600,000
eligible purchaser buying a vacant block of residential land to build their home will pay no duty on vacant land valued up to $300,000, and will receive concessions for vacant land valued between $300,000 and $450,000.
Am I eligible?
To be eligible for the duty concession or exemption:
at least one buyer must be an Australian citizen or permanent resident
the agreement must be for the purchase of the whole property
you must be a natural person (not a company or trust)
you must be over 18
you or your partner have not previously owned residential property in any form in any State or Territory of Australia
at least one purchaser must occupy the home within 12 months and needs to live in the home for a continuous period of at least 6 months.
If your partner has previously owned a home or received a benefit from us under the First Home -New Home Scheme, you will not be entitled to receive a concession or exemption.
How can I apply?
Apply for the exemption or concession through your solicitor or conveyancer, or directly through us, by completing an First Home - New Home Exemption or Concession from Duty form (ODA 066) (PDF).
Applications must be accompanied by all supporting documentation. You must have already exchanged contracts to purchase the new home.