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The First Home – New Home scheme offered exemptions and concessions on transfer duty for new homes or for vacant land when you built a home. It was only available if the property you bought was the first home you owned.
If you bought your property between 1 January 2012 and 30 June 2017, you can still apply under this scheme.
You will find all the information you need in the form, including which supporting documents you need to provide. You can return this directly to us, or apply through your solicitor or conveyancer.
Who is eligible?
To qualify for the First Home – New Home scheme:
the property must be the first home you’ve owned in Australia
you must be an individual, not a company or trust
you must be over 18
at least one buyer must be an Australian citizen or permanent resident
you must be purchasing the whole property
at least one of the the buyers must live in the new home within 12 months after buying the property, and for at least six continuous months.
If you or your spouse or partner have previously owned a home or received the First Home – New Home Scheme benefit, you’re not eligible to apply.
How much transfer duty will you have pay?
The amount of transfer duty you’ll have to pay is based on:
You won’t pay any transfer duty if your home is valued at less than $550,000. For homes valued between $550,000 and $650,000, you only have to pay some transfer duty.
To calculate your concession on a home between $550,000 and $650,000, multiply the purchase price by 0.2474 and subtract $136,070. We’ve set out some examples below.
Purchase price
Usual transfer duty
Transfer duty you owe
Concession
Under $550,000
Up to $20,240
$0
100%
$575,000
$21,365
$6,185
70%
$600,000
$22,490
$12,370
45%
$625,000
$23,615
$18,555
20%
$650,000
$24,740
$24,740
0%
You can apply for a transfer duty exemption on vacant land on which you’ve built – or intend to build – your home.
You won’t pay any transfer duty for land valued at less than $350,000 at the time of purchase. For land valued between $350,000 and $450,000, you only have to pay some transfer duty.
To calculate your concession on land between $350,000 and $450,000, multiply the purchase price by 0.1574 and then subtract $55,090. We’ve set out some examples below.
Purchase price
Usual transfer duty
Transfer duty you owe
Concession
$350,000
$11,240
$0
100%
$375,000
$12,365
$3,935
68%
$400,000
$13,490
$7,870
42%
$425,000
$14,615
$11,805
20%
$450,000
$15,740
$15,740
0%
These rates apply from 1 July 2012 to 30 June 2017.
Different property values apply for property sales between 1 January 2012 and 1 July 2012.
New home value
Vacant land value
Exemption or concession
Up to $500,000
Up to $300,000
100% exempt from transfer duty. You won’t need to pay any.
Between $500,000 and $600,000
Between $300,000 and $400,000
You can apply for a concession. You won’t have to pay the full amount of transfer duty.
Above $600,000
Above $400,000
No exemption or concession available. You’ll have to pay the full amount of transfer duty.
Buying with others who aren’t eligible
The concessions and exemptions under the First Home – New Home scheme apply to new homes and land purchase where 50% or more of buyers are eligible. The exception is where your spouse or partner is one of the ineligible buyers.
That means if bought a home or land with ineligible buyers who aren’t your spouse or partner, you can still apply so long as eligible buyers purchased more than 50% of the property. This is called a shared equity arrangement.
False claims
There are substantial penalties for purposefully making false or misleading claims in your application for the First Home – New Home scheme.
We regularly audit applications and compare the information to data from other government agencies and businesses.
Contact us
For more information on first home buyers’ support, please contact us.
