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FIRST HOME BUYERS SCHEME AMENDMENTS

  • By:Danyelle
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First home buyers may be entitled to either a full exemption or a discounted rate of their stamp duty liability.

If you are a first home buyer and you purchase a property between 1 August 2020 and 31 July 2021, you may be eligible for the following exemptions/discounts if the value of your purchase is within the following thresholds:

NEW HOMES EXISITNG HOMES VACANT LAND

 

 

$     Up to $800,000.00: full exemption.

 

$     Between $800,000.00 -$1,000,000.00: discounted rate. The discounted rate that will apply will be determined on the value of the purchase.

 

$     Up to $650,000.00: full exemption.

 

$     Between $650,000.00 and $800,000.00: discounted rate. The discounted rate that will apply will be determined on the value of the purchase.

 

$     Up to $400,000.00: full exemption.

 

$     Between $400,000.00 and $500,000.00: discounted rate.

 

If you are a first home buyer and you purchase a property between 1 July 2017 and 31 July 2020 you may be eligible for the following exemptions/discounts if the value of your purchase is within the following thresholds:

 

NEW HOMES EXISITNG HOMES VACANT LAND

 

 

$     Up to $650,000.00: full exemption.

 

$     Between $650,000.00 and $800,000.00: discounted rate. The discounted rate that will apply will be determined on the value of the purchase.

 

$     Up to $650,000.00: full exemption.

 

$     Between $650,000.00 and $800,000.00: discounted rate. The discounted rate that will apply will be determined on the value of the purchase.

 

$     Up to $350,000.00: full exemption.

 

$     Between $350,000.00 and $450,000.00: discounted rate.

 

** Please note the contract and the transfer must be for the purchase of the whole of the property.

ELIGIBLE PERSONS

  • All purchasers must be ‘eligible purchasers’.
  • An ‘eligible purchaser’ is a natural person (i.e. not a company or trust) who is at least 18 years of age and 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;
    • previously received an exemption or concession under First Home—New Home.
  • At least 1 eligible purchaser must occupy the home as their principal place of residence for a continuous period of 6 months, commencing within 12 months of completion of the agreement.

(Where an eligible purchaser was a member of the permanent forces of the Australian Defence Force and all purchasers were enrolled on the NSW electoral roll, as at the transaction date, then all purchasers are exempt from the residence requirement).

 

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