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When you need a helping hand to get your first home
Buying your first home is an exciting time but can be daunting and stressful. The First Home – New Home scheme helps families realise their dream of owning their first home at Riverland Gardens.
The First Home – New Home scheme commenced from 1 January 2012 and provides eligible purchasers with exemptions from transfer duty on new homes valued up to $550,000 and concessions for new homes valued between $550,000 and $650,000.
From 1 July 2012 eligible purchasers buying a vacant block of residential land to build their home pay no duty on vacant land valued up to $350,000, and receive concessions for vacant land valued between $350,000 and $450, 000.
To be eligible for the duty concession or exemption:
- at least one buyer must be an Australian citizen or permanent resident
- the agreement must be for the purchase of the whole property
- you must be a natural person (not a company or trust)
- you must be over 18
- you or your partner must not have previously owned residential property in any form in any State or Territory of Australia
- at least one purchaser must occupy the home within 12 months and needs to live in the home for a continuous period of at least 6 months.
If your partner has previously owned a home or received a benefit under the First Home – New Home Scheme, you will not be entitled to receive a concession or exemption.
How to apply
You can apply for the exemption or concession through your solicitor or conveyancer, or directly through the Office of State Revenue, by completing a First Home – New Home Exemption or Concession from Duty form (ODA 066) (PDF) .
Applications must be accompanied by all supporting documentation once you have exchanged contracts to purchase the new home or vacant land.