The First Home – New Home scheme was replaced by the First Home Buyers Assistance scheme on 1 July 2017.
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.
To apply, download and complete an application form.
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.
To qualify for the First Home – New Home scheme:
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.
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. |
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.
To apply for a shared equity arrangement, please download and complete the standard application form.
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.
For more information on first home buyers’ support, please contact us.