The First Home Buyers Assistance Scheme provides eligible purchasers with exemptions on transfer duty on new and existing homes valued up to $650,000 and concessions on duty on new and existing homes valued between $650,000 and $800,000
Eligible purchasers buying vacant block of residential land to build their home on will pay no duty on vacant land valued up to $350,000, and will receive concessions on duty for vacant land valued between $350,000 and $450,000.
To qualify for First Home Buyers Assistance, you must meet all the following criteria;
The contract and the transfer must be for the purchase of the whole property.
All purchasers must be eligible purchasers.
An 'eligible purchaser' is a natural person at least 18 years old of age who has not, and whose spouse/defacto has not; at any time owned (either solely or with someone else) residential property in Australia other then property owner solely as trustee or executor. In addition, 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 six months of completion of the agreement.
