Jul 3rd, 2015
The First Home—New Home Scheme provides eligible purchasers with exemptions on transfer duty on new homes valued up to $550, 000 and
concessions on duty for new homes valued between $550, 000 and $650, 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 $350,000 and will receive concessions on duty for vacant land valued between $350,000 and $450,000.
To qualify for First Home—New Home, 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. Where an eligible
purchaser was a member of the permanent forces of the Australian Defence Force and all purchasers were enrolled on the NSW electoral
roll, as at the transaction date, dated on or after 21 October 2009, then all purchasers are exempt from the residence requirement.
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 someone else) residential property in Australia other than property owned solely as trustee or executor
- previously received an exemption or concession under First Home—New Home.
You do not have to pay duty on the purchase of a new home up to $550,000. To calculate the First Home—New Home concession on a home between $550,000 and $650,000 multiply the purchase price by 0.2249 and subtract $112,450.
You do not have to pay duty on the purchase of vacant land up to $350,000. To calculate the First Home—New Home concession on land between $350,000 and $450,000 multiply the purchase price by 0.1049 and then subtract $31,470.