First home owners concession

First home owner concession or exemption

When you purchase your first home on or after 1 July 2019, you may be eligible for an exemption or concession from stamp duty.

To be eligible you will need to meet the following requirements:

–> The contract of sale for the purchase must have been signed at or after 1 July 2017;

–> The purchase must have a dutiable value of:

>$600,000 or less to receive the first home buyer duty exemption;

>$600,001 to $750,000 to receive the first home owner concession.

–>The purchase of the property must meet the First Home Owner Grant Eligibility criteria regardless of whether it is a new or established property and the contract of sale purchase price cannot exceed $750,000;

–>At least one of the purchasers must meet the residency requirement for the property (i.e. live in the property as their Principle Place of Residence (PPR Concession) for a consecutive period of 12 months after settlement.***

*** if your circumstances change and you cannot meet the residency requirement then you will not be eligible for the concession and must notify the State Revenue Office (SRO) within 30 days.

You will not be eligible for the first home owner concession of exemption if any of the following applies to you:

–> The contract of sale is signed before 1 July 2017 and settlement occurs after this date;

–> If vacant land is purchased before 1 July 207 and a house is built onto the land within 12 months of settlement; or

–> A party is nominated into the contract of sale as an alternative purchaser on or after 1 July 2017 and the contract of sale is signed before this date.

The table below illustrates the stamp duty amount for certain dutiable values when you apply the first home owner concession or exemption:

DUTIABLE VALUE

NORMAL DUTY DUTY AFTER CONCESSION
$600,000.00 $31,070 $0.00
$625,000.00 $32,570 $5,428
$650,000.00 $34,070 $11,356
$675,000.00 $35,570 $17,784
$700,000.00 $37,070 $24,713
$725,000.00 $38,570 $32,141
$750,000.00 $40,070 $40,070

 

Feel free to contact our office if you need assistance with your property conveyancing or stamp duty concession or exemption application.