Padstow 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.
- At least one first home buyer must be an Australian citizen or a permanent resident
- The agreement and /or 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 twelve months of completion of the agreement. (Where an eligible purchaser was a member of the permanent forces of the Australian Defence Force and all eligible purchasers were enrolled on the NSW electoral roll as at the date of the agreement or transfer, on or after 21 October 2009, then all purchasers are exempt from this residency requirement.)
- The first home buyer/s must be purchasing at least 95% of the property.
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:
- at any time owned (either solely or with someone else) residential property in Australia other than property owned solely as trustee or executor
- at any time been the holder (either solely or with someone else) of a leasehold interest granted by the Commonwealth in residential property in the Australian Capital Territory
- previously received an exemption or concession under the First Home—New Home scheme.
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.
