As an incentive for first home buyers most states and territories in Australia offer stamp duty concessions to first home purchasers. These concessions are summarised below.
NSW Stamp Duty Concessions
First Home Buyers Assistance Scheme
The First Home Buyers Assistance 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.
This scheme commenced from 1 July 2017. The scheme provides eligible purchasers with full stamp duty exemptions on new and existing homes valued up to $650,000. Partial stamp duty concessions are available for new and existing homes valued between $650,000 and $800,000.
As of 1st July 2017 eligible purchasers buying a vacant block of residential land to build their first home on will pay no stamp duty on vacant land valued up to $350,000 and will receive a concession on duty for vacant land valued between $350,000 and $450,000.
First Home Owners Grant Changes
Eligible first home owners who purchase or build a new home may be eligible for a $10 000 grant. From 1 July 2017 the First Home Owner Grant Cap for new home purchases is $600,000; for a property where you enter into a contract to build, or are an owner builder the total value cannot exceed $750,000.
For more detailed information on all of these benefits please visit www.revenue.nsw.gov.au.
VIC Stamp Duty Concessions
First Home Buyer Duty Exemption or Concession
For contract dates on or after 1 July 2017, eligible first home buyers purchasing a home valued up to $600,000 will be exempt from stamp duty. If the dutiable value is more than $600,000 and not more than $750,000, you will receive a stamp duty concession. These concessions are on a sliding scale with the discount being greater the closer the purchase price is to $600,001.
Transfer Duty Concessions – Pensioners
Eligible pensioners who hold a relevant concession card at the date of settlement may be entitled to an exemption or concession from duty depending on the value of their interest in the house and land.
Full exemptions from transfer duty is available for homes valued at up to $330,000 and a partial concession is available for homes valued at more than $330,000 but not more than $750,000. Contact the Victorian State Revenue Office for more details.
In Victoria there are other concessions available such as “First Home Owner with Family”, “Off the plan concession” and “Principle Place of Residence”. For full details on the various concessions available in Victoria please visit www.sro.vic.gov.au
QLD Stamp Duty Concessions
First Home Buyer Stamp Duty Concessions
Eligible first home buyers will be exempt from transfer stamp duty for purchases of established homes up to $500,000. A concession will continue to apply on a sliding scale for properties over $500,000 (but not more than $599,999). In regards to vacant land a full exemption from stamp duty is available to first home buyers purchasing vacant land for up to $259,999. A concession will continue to apply on a sliding scale for land over $260,000 (but not more than $399,999).
The transfer duty home concession was reinstated on 1 July 2012. This provides a concessional rate of stamp duty for eligible applicants purchasing a principle place of residence.
Please visit: www.osr.qld.gov.au for the duty rates.
Building Boost Grant
The $10,000 Building Boost Grant ran from 1 August 2011 to 30 April 2012. Unfortunately it is no longer available.
First Home Owners Grant Changes
The Queensland First Home Owners Grant is a state government initiative to help first home owners to get their new first home sooner. Depending on the date of your contract, you’ll get $15,000 or $20,000 towards buying or building your new house, unit or townhouse (valued at less than $750,000). You can buy off the plan or choose to build yourself.
To be eligible for the grant you must be buying or building a brand new home and the value of the home including land is less than $750,000. You must move into the new home as your principal place of residence within 1 year of the completed transaction and live there continuously for 6 months.
The value of the grant depends on your contract date. For contracts dated 1 July 2016 to 30 June 2018 & now from 1 July 2018 or later, you may be eligible for $15,000. And for contracts dated between dated 1 July 2016 to 30 June 2018 you would have been eligible for $20,000. For complete details please visit www.osr.qld.gov.au
SA Stamp Duty Concessions
First Home Owners Grant
The FHOG of up to $15,000 is available to first home buyers who enter into a contract to purchase or build new home on or after 1st January 2014, the market value of the property must not exceed $575,000.
There is no longer a grant available for existing homes purchased after 30th June 2014.
For more details please visit http://www.revenuesa.sa.gov.au
WA Stamp Duty Concessions
First Home Buyer Grant
The FHBG is a one-off payment to encourage and assist first home buyers to buy or build a residential property for use as their principal place of residence. The grant is $10,000 or the consideration paid to buy or build the house if less than that amount.
For eligible transactions entered between 1 January and 30 June 2017, an additional $5,000 boost payment may be available. For eligible transactions entered between 1 July 2000 and 24 September 2013, the grant was $7,000 or the consideration paid if less than that amount.
The grant is no longer available for the purchase of established homes. Purchasers of established homes will still be able to apply for the first home owner rate of duty if certain conditions are met.
For more information visit:
First Home Owner Rate of Duty
When a home buyer is eligible, or would have been eligible, for the first home owner grant, a first home owner rate of transfer duty will apply if the value of the dutiable property is below certain thresholds.
Please see the following link for more information: https://www.finance.wa.gov.au/cms/uploadedFiles/_State_Revenue/Duties/First_Home_Owner_Rate_Of_Duty.pdf
NT Stamp Duty Concessions
First Home Buyer Grant
If you want to buy or build a new home and it is your first property purchased in Australia, you can apply for a First Home Owner Grant up to $26,000. A new home is one that has never been previously lived in or sold as a place of residence.
First Home Owner Discount
To be eligible for the First Home owner Discount, the property must be your first property purchased in Australia. From 4 May 2010, first home buyers purchasing a property may receive a concession of up to $23,928, which represents the duty on the first $600,00 of the dutiable value of the property. The purchase price of the home or land must not exceed $750 000 or $385 000 respectively.
Rebates are also available to non first home buyers who are purchasing a new principal place of residence.
For full details and a calculator please visit https://nt.gov.au/property/homeowner-incentives
Home Renovation Grant
If you are eligible for the First home Owner Discount and you buy an established property as your first home, you may be able to get financial help to renovate or improve it.
The Home renovation grant can provide assistance up to $10,000. You will receive a voucher to use with each business you choose to deal with up to a value of $10,000. This includes the amount you want to spend on household goods. The minimum value for each voucher is $500 and there is no cap on the total value of the renovation or improvements that you want to do.
For full details please visit: https://nt.gov.au/property/homeowner-incentives/first-home-owners/home-renovation-grant
Household Goods Grant Scheme
The Household Goods Grant Scheme is available if you buy a new property as your first home If you are eligible for the First Home Owners Grant or have entered into a contract to purchase or build a new home on or after 1 September 2016 you may be eligible to apply for up to $2000 to buy household goods.
You can only purchase the household goods after the date on the contract.
ACT Stamp Duty Concessions
Home Buyer Concession Scheme
The Home Buyer Concession Scheme will change from 1 July 2019. No duty will be payable on the purchase of any home if the total gross income of all home buyers and domestic partners (if any) for the financial year before the transaction date is below $160,000.
Purchases made from 6th of June 2018 for eligible home buyers purchasing a property with a value of $470,000 or less will pay only $0 in duty. A purchase price of more than $470,000 and less than $607,000 will attract a reduced rate of duty. Similarly, purchases of land for up to $281,200 or less will also only attract duty of $0. A purchase price of more than $281,200 but less than $329,500 will attract a reduced rate of duty. The thresholds typically change every 6-12 months so it is recommended that you visit https://www.revenue.act.gov.au/home-buyer-assistance/home-buyer-concession-scheme for the most up to date information.
To be eligible for these concessions applicants and their domestic partners must not hold or have held in the previous two years, an interest in any other land except where special circumstances apply. To be eligible for these duty concessions you must also meet the income test. The combined household income must be no more than $160,000. Property must be owner occupied, and you are required to live in the property for at least 12 months.
For full details please visit http://www.revenue.act.gov.au
First Home owner grant
The First Home Owner Grant is available to people buying their first new home or substantially renovated home. The total value of the property (home plus land) must be less than $750,000. As of 1 January 2017 the FHOG is $7000. Payment of the first home buyer grant will end for transactions entered into after 30 June 2019.
TAS Stamp Duty Concessions
The Tasmanian Government has announced in the 2018-19 State Budget the extension of the $20 000 First Home Owner Grant for eligible first home owners for the purchase or building of a new home. The extension of the scheme means that the $20 000 payment will be available for eligible transactions up to and including 30 June 2019.
For more information visit: Tasmania First Home Owners Grant
The concession provides a 50 per cent discount on property transfer duty for first home buyers of established homes, which have a dutiable value of $400 000 or less. The discount is available for purchases of established homes that settle (i.e. transfers that complete) within the period 7 February 2018 and 6 February 2019.Important: The duty concession is not available to applicants entitled to the First Home Owner Grant for newly built homes. Also, there is no discretion to apply the concession to properties with a dutiable value greater than $400 000; or transactions that settled before 7 February 2018. For more information visit: Tasmania First Home Buyer Stamp Duty Concession Fact Sheet
Disclaimer: This information was correct as of 20 December 2018. Government policy is subject to frequent change so we recommend you confirm the information on this page with your states Revenue Office before acting on it. Links to the various State Revenue Sites are provided above.