Chambers Fleming Padstow
2 Faraday Road Padstow
02 9771 4555
02 9773 9581Contact us
The First Home—New Home scheme provides exemptions or concessions on transfer duty for people who are buying their first home in NSW. This includes buying vacant land on which they intend to build their first home.
The First Home—New Home scheme provides eligible purchasers with exemptions on transfer duty on new homes valued up to $500,000 and concessions on transfer duty for new homes valued between $500,000 and $600,000.
Eligible purchasers buying a vacant block of residential land to build their home on will pay no duty on vacant land valued up to $300,000 and will receive a concession on duty for vacant land valued between $300,000 and $450,000.
First Home—New Home exemptions or concessions do not apply to the purchase of an existing dwelling.
An ‘eligible purchaser’ is a natural person (i.e. not a company or trust) at least 18 years of age who has not, and whose spouse/de facto has not:
Note: If all purchasers are not ‘eligible purchasers’ you may still qualify for a partial concession if the first home buyers are purchasing at least 50% of the property.